FUND MANAGEMENT NEWS
SVM UNVEILS GLOBAL STOCKPICKING FUND
Edinburgh-based SVM Asset Management will launch its first global stockpicking fund called the SVM World Equity Fund. SVM will change the name and objective of the SVM UK Alpha fund to form the new fund and the changes are due to take place, subject to approval, on 1 December. Managed by Neil Veitch, the fund will invest in a portfolio of 30-40 global equities trading at a discount to their intrinsic value. The initial fee is 5.25 per cent and the annual management fee is 1.5 per cent.
RCM WINS THREE PENSION FUND MANDATES
Allianz Global Investors’ division RCM this week announced that it had won three diversified growth mandates. RCM was chosen by the Leeds Co-operative Society Limited Employees’ Pension Fund, the Yorkshire Co-operatives Limited Employees’ Superannuation Fund and the United Norwest Co-operatives Employees’ Pension Fund, all part of the Co-operative Group. These are the first institutional clients for RCM’s dynamic, diversified growth fund, which launched in March this year.
AVIVA LAUNCHES INDEX ARBITRAGE FUND
Aviva Investors has launched an index arbitrage fund to external investors in the UK and European markets. The Ucits III fund is called the Aviva Investors Index Opportunities Fund and combines passive and active investing. The fund aims to generate absolute returns of one-month Euribor plus 5 per cent per annum and to have volatility of less than 7.5 per cent. Lead managers Iyad Farah and Ned Kelly are supported by a team of seven fund managers and analysts.