Ashburton has launched a euro-denominated balanced fund, part of the range of products which reproduces the asset management service that the company provides for its personal portfolio clients.
The fund, called the Euro Asset Management Fund, joins its dollar and sterling equivalents in a Luxembourg-domiciled umbrella called the Ashburton Replica Portfolio. Prior to the new launch, investors had the choice of sterling and US dollar asset management products, and sterling and dollar cash and fixed income classes.
The aim of the Asset Management fund range is to add value by suppressing volatility and risk through a conservative allocation of assets between international equities, fixed interest securities and cash or money market instruments.
The new fund's exposure to equities is limited to a maximum of 50% and exposure to fixed income securities is limited to a maximum of 70%. Exposure to currencies other than euro, after hedging, will not exceed 50%.
Trevor Falle, managing director of Ashburton, said: 'It is now typical for investors living in a jurisdiction without a strong currency of its own to consider investment in euros, as well as in sterling and US dollars to diversify currency risk, and the launch of this fund is a reflection of this trend. It is also a response to the needs of our private clients and intermediaries generally.'
Minimum investment for the portfolio is e40,000. The initial charge is 5% and the annual management charge is 1.75%.
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