Friends Provident has launched a Special Situations fund comprised of three external vehicles run by Richard Plackett, Tom Dobell and Peter Saacke. The launch comes in response to Fidelity's decision to split its own Special Situations fund, with which manager Anthony Bolton has enjoyed such success.
The new fund will follow the geographical remit of the original Fidelity vehicle, investing 42.5% in both Merrill Lynch UK Special Situations and M&G Recovery, run by Plackett and Dobell respectively, with the final 15% run through Saacke's Artemis Global Growth portfolio.
The fund, which sits in the UK All Companies Sector with at least 80% of the portfolio in UK company shares and the remainder overseas, is overseen by Marc Haynes, who is responsible for rebalancing the weightings on a monthly basis. Joining the groups' life and pensions range, there is no minimum investment for the Special Situations product and the annual management charge is set at 0.75%.
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