Article date: 16 May 2006
Norwich Union has today confirmed that the Norwich UK SpecialSituations fund will be available from financial advisers and fundsupermarkets from 22 May 2006. The launch date has been confirmedfollowing approval from the FSA.
The £200m fund has been designed exclusively for Norwich Union andwill be jointly managed by Richard Buxton, manager of Schroder UKAlpha Plus Fund, and Andy Brough, manager of Schroder UK Mid 250Fund.
The Norwich UK Special Situations fund is designed to providelong-term outperformance of the FTSE All Share by combining thebest stock ideas from both managers. It will hold between 40 and 60stocks.
Neil Davies, director of investments at Norwich Union, said:“These are exciting times for Norwich Union’sinvestment team. There has been an enormous amount of interest fromadvisers about the launch of the Norwich UK Special Situations fundand customers have also been contacting us asking when the fundwill be launched. I’m delighted to be able to confirm when itwill be available. This fund is unique because it blends the bestideas of Andy Brough and Richard Buxton, and is exclusive toNorwich Union.”
The fund will appeal to more experienced investors who are preparedto take higher risks in their search for higher returns. The launchis part of Norwich Union’s drive to develop its investmentrange and increase sales of collective investments. In the past 12months it has:
- Launched the Norwich UK Growth and Value fund, managed byJPMorgan 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 collectiveinvestments sales
- Launched four manager of managers funds.
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 SpecialSituations fund
Fund size: £200m. Approximate number ofholdings at launch: 50 stocks. IMA sector: UK All Companies.Benchmark: FTSE All Share index. Initial charge: 5%. Revised fundcharges AMC: 1.5%. TER: 1.8%. Standard initial commission: 3%.Standard renewal commission: 0.5%. Investment levels for ISAinvestors: lumps sums £500, regular monthly savings £50.
About the fund managers
- The funds will be managed by Andy Brough, manager of theSchroder UK Mid 250 fund, and Richard Buxton, manager of SchroderUK Alpha Plus fund.
- Andy Brough’s fund is 1st quartile over 1, 3 and 5 yearsand his fund is AAA rated by S&P and OBSR. RichardBuxton’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 £122.5($211.0 / €178.2) billion under management as at 31 December2005. Its clients are major financial institutions including banksand insurance companies, local and public authorities, charities,pension funds, high net worth individuals and retailinvestors.
- Its aim is to apply specialist asset management skills inserving the needs of clients worldwide and in delivering value toour shareholders. With one of the largest networks of offices ofany dedicated asset management company and over 250 portfoliomanagers and analysts covering the world's investment markets, weoffer clients a comprehensive range of products and services.
- Further information about Schroders can be found atwww.schroders.com.Issued by Schroder Investment Management Ltd, which is authorisedand regulated by the Financial Services Authority. For regularupdates by e-mail please register online atwww.schroders.com for our alerting service.
About Norwich Union
- Norwich Union is one of the UK's biggest life insurers. It is aleading provider of life, pensions and investment products andone of the largest financial adviser (FA) providers. FAs provideover 70% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including CIS and The RoyalBank of Scotland Group. Norwich Union’s news releases anda selection of images are available from Aviva's internet presscentre at www.aviva.com/media.