Scottish Provident International has added its first weekly priced fund that provides exposure to global equities and fixed interest markets to its investment and savings products.
The Scottish Provident ILA New Star Global Managed fund is US dollar-based and aims for capital growth over the medium to long- term through diversified exposure to global equity and fixed interest markets by investing in funds managed by New Star.
The objective of the fund is to outperform the benchmark over rolling three-year periods. This will consist of the following: 70% to the MSCI World index; 27% to the Lehman Global Aggregate index; and 3% to the Salomon Three Month Treasury Bill.
It is expected to be initially invested in the following asset classes: 34% North America; 24% Europe; 8% Japan; 7% other; 25% global bonds; and 2% cash.
The Dublin-domiciled product has an annual management charge of 1% and the bid offer spread is 7%. Single premium investors will buy at bid price.
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