Skandia Investment Management Limited (SIML) has set a launch date of 11 October for its UK Best Ideas fund.
Arriving on the back of the success of the group's Global Best Ideas fund, the portfolio will mirror the international version by selecting 10 managers who in turn will select their 10 best stock ideas.
All 10 managers in the fund are UK specialists, with the five managers forming the UK component of the Global Best Ideas portfolio also featuring in the UK offering.
New Star's Stephen Whittaker, Artemis's Mark Tyndall, Richard Plackett from Merrill Lynch, Gartmore's Ashley Willing and Roger Whiteoak from Axa Framlington are all part of the UK portion of Global Ideas, which is already nearing £150m since its launch in June.
They will be joined in the fund by Schroders' Richard Buxton, Anthony Nutt of Jupiter, Rathbones' Carl Stick, Ashton Bradbury from Old Mutual and George Luckraft, another Axa Framlington manager.
Each manager's influence in the portfolio differs, with large-cap specialist Tyndall running the largest portion, at 15%.
Managers will be able to hold as much as 25% in a single stock and, to demonstrate sufficient conviction in their holdings, they must hold a minimum of 5% so each stock can contribute to returns.
Each manager will also have the freedom to hold up to 20% in cash.
According to Jamie Mac-Leod, chief executive of SIML, the group had brought the new product to market on the back of strong adviser demand.
Structured as a UK Oeic and with a minimum investment level of £1,000, the fund has a 5% initial charge, a 1.5% annual management fee and a TER of 2.45%. Intermediary commissions are set at 3.5% initial and 0.5% trail.
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