New boutique fund manager 2CG is to take its first steps into the IFA market this month with a continental European fund.
The European capital growth fund will be a Dublin-based Oeic targeted mainly at the top end of the IFA market.
It will have a low initial charge of 0.5 per cent although IFAs can add up to 5 per cent initial commission. Annual charge is 1.55 per cent with trail commission of 0.5 per cent. Minimum investment is £1,000.
The fund will be managed by the firm's founders – former M&G fund manager Charles Glasse and ex-Credit Suisse manager Chris Garsten. It is looking to raise £30m.
Glasse managed the
European dividend fund at M&G for over 10 years, achieving a Standard & Poor's AAA rating for five consecutive years. Garsten was at Credit Suisse Asset Management for 14 years.