Norwich Union has today confirmed that the Norwich UK Special Situations fund will be available from financial advisers and fund supermarkets from 22 May 2006.
Norwich Union has today confirmed that the Norwich UK Special Situations fund will be available from financial advisers and fund supermarkets from 22 May 2006. The launch date has been confirmed following approval from the FSA.
The Ł200m 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 Norwich UK Special Situations fund is designed to provide long-term outperformance of the FTSE All Share by combining the best stock ideas from both managers. It will hold between 40 and 60 stocks.
Neil Davies, director of investments at Norwich Union, said: “These are exciting times for Norwich Union’s investment team. There has been an enormous amount of interest from advisers about the launch of the Norwich UK Special Situations fund and customers have also been contacting us asking when the fund will be launched. I’m delighted to be able to confirm when it will be available. This fund is unique because it blends the best ideas of Andy Brough and Richard Buxton, and is exclusive to Norwich Union.”
The fund will appeal to more experienced investors who are prepared to take higher risks in their search for higher returns. The launch is part of Norwich Union’s drive to develop its investment range and increase sales of collective investments. In the past 12 months it has:
- Launched the Norwich UK Growth and Value fund, managed by JPMorgan Asset Management
- Appointed James Dalby as head of fund propositions
- Added three fund of funds to its ISA range
- Appointed John Clougherty as director of collective investments sales
- Launched four manager of managers funds.
-ends-
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Schroders press contacts:
Lucy Rae 020 7658 6168
Caroline smith 0207658 3365
Notes to editors:
About the Norwich UK Special Situations fund
Fund size: Ł200m. Approximate number of holdings at launch: 50 stocks. IMA sector: UK All Companies. Benchmark: FTSE All Share index. Initial charge: 5%. Revised fund charges AMC: 1.5%. TER: 1.8%. Standard initial commission: 3%. Standard renewal commission: 0.5%. Investment levels for ISA investors: lumps sums Ł500, regular monthly savings Ł50.
About the fund managers
- The funds will be managed by Andy Brough, manager of the Schroder UK Mid 250 fund, and Richard Buxton, manager of Schroder UK Alpha Plus fund.
- Andy Brough’s fund is 1st quartile over 1, 3 and 5 years and his fund is AAA rated by S&P and OBSR. Richard Buxton’s fund is 1st quartile over 1 and 3 years. It is AA rated by S&P, and A rated by OBSR.
About Schroders Plc
- Schroders is a global asset management company with Ł122.5 ($211.0 / €178.2) billion under management as at 31 December 2005. Its clients are major financial institutions including banks and insurance companies, local and public authorities, charities, pension funds, high net worth individuals and retail investors.
- Its aim is to apply specialist asset management skills in serving the needs of clients worldwide and in delivering value to our shareholders. With one of the largest networks of offices of any dedicated asset management company and over 250 portfolio managers and analysts covering the world's investment markets, we offer clients a comprehensive range of products and services.
- Further information about Schroders can be found at www.schroders.com. Issued by Schroder Investment Management Ltd, which is authorised and regulated by the Financial Services Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
About Norwich Union
- Norwich Union is one of the UK's biggest life insurers. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.