Cazenove Capital Management is opening four private client multi-manager funds to the retail market, including a multiasset portfolio benchmarked against inflation with exposure to property, commodities and hedge funds.
Subject to unit holder approval, the investment strategy of Cazenove Universal Balanced Portfolio, currently a typical Balanced Managed vehicle, will change in late August and the fund will be renamed Cazenove Multi Manager Diversity.
At the same time, the firm's UK Growth Portfolio, International Portfolio and Growth Portfolio will rebrand as Multi Manager UK Growth, Multi Manager Global (ex UK) and Multi Manager Managed Equity.
Otherwise they will remain unchanged.
Structured as a non-Ucits retail scheme (Nurs), which gives it broader investment and borrowing powers, Diversity will aim to deliver an absolute annual return of the Consumer Price Index (CPI) plus 4%.
In terms of asset allocation, the product, which will hold 15 funds in total, will have a 35% weighting to UK equities, 32% to sterling bonds from across the ratings spectrum, 20% to funds of hedge funds and 6% each to property and commodities with 1% held in cash.
Either one or two funds will focus on commodities, while the property and fund of hedge funds exposure will invest in two investment trusts each.
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