£200m Norwich Union fund bids to outperform the FTSE
Norwich Union is planning to launch a new fund for investors. Norwich Union is planning to launch a new fund for investors.
The £200m Norwich UK Special Situations fund has been designed exclusively for Norwich Union and will be jointly managed by Richard Buxton, manager of Schroder UK Alpha Plus Fund, and Andy Brough, manager of Schroder UK Mid 250 Fund.
The aim of the Norwich UK Special Situations Fund is to provide long term outperformance of the FTSE All Share.
It is a concentrated portfolio of 40 to 60 stocks consisting of the best stock ideas from both managers.
Stocks will be selected and position sizes determined independently of index weightings. The fund is scheduled to be launched in late May subject to FSA approval.
Mike Kirsch, commercial and marketing director at Norwich Union, said: “This is an exciting launch for Norwich Union and the fund will appeal to more experienced investors who are prepared to take higher risks in their search for higher returns.
“We have been working very hard to widen the range of our equity investments, and Norwich UK Special Situations will complement our existing product range and the recent launches of the Norwich UK Growth and Value and multi-manager funds.
“Schroders has unquestioned expertise in this area and Richard Buxton and Andy Brough have excellent reputations; they will create focused portfolios that will make the most of their best ideas.”