EUROPE - Friends Provident International has launched five new SICAVs, targeting both institutional and private investors.
The Luxembourg-domiciled Global Portfolio is open to non-UK and non-US investors, and consists of seven sub funds: six equity sub-funds (covering Japan; North America; Europe; global balanced; global socially responsible; global equity), and a global bond fund. Most of the funds are covered by FIS’s reo approach, the firm’s SRI tool.
Investors can select any number of sub-funds and can subscribe in US dollars, euros or in sterling. The minimum investment level is US$4000 per sub-fund.
The maximum initial charge is 5.25% for all sub-funds and the investment management fee is 1.25%, (1% for the bond fund). All sub-funds benefit from a capped total expense ration until January 2005. The cap will not exceed 0.5% per annum above the investment management fee. There is also a discount of 1% for the first three months from launch.
The Global Portfolio is managed by FP Asset Managers, a unit of Friends Ivory & Sime.
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