Britannic Asset Management has announced the launch of its £20m Britannic Argonaut European Alpha Fund.
The fund will be managed by the former Neptune duo of Barry Norris and Oliver Russ and will look to deliver high alpha from a concentrated portfolio of 30 to 50 stocks. In addition, there will be no benchmark on the fund.
Commenting on the fund's launch, sales and marketing director Jonathon Polin said: "What we are doing is bringing a specialist high alpha product to the market in the sense that all it deals with is European equities."
The Britannic Argonaut European Alpha fund is likely to be the first of several funds managed by Norris and Ross under the Argonaut banner and pan-European and long/short European funds are already under consideration.
The fund will be set up as a Coll and Ucits retail fund authorised unit trust. There will be an initial charge of 5.25% and an annual charge of 1.75%. The fund will have a minimum lump sum fee of £500.
In his two-and-a-half years at the helm of the Neptune European Opportunities fund Norris delivered excellent performance and was a favourite among multi-managers. The Neptune fund is likely to lose around half its assets following Norris's departure.
The New Star fund of funds team is to transfer its holding to the new Argonaut fund. Gary Potter, joint head of multi-manager at Credit Suisse, has also put his holding under review.
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