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Bailey is set for equity income fund of funds

Multi-manager specialist T Bailey will bring out an equity income fund of funds in November to complement its existing growth fund of funds.

The Ucits III-compliant Fof will contain around six underlying funds. It will aim to outperform the FTSE All-Share index by at least 10 per cent and will have an annual target yield of 4 per cent. It will be managed using the same approach as the existing Fortress funds of funds.

In a separate move, the retail Fortress foundation and institutional Fortress heritage funds, which have identical portfolios, will be merged in October and rebranded as the T Bailey growth fund.

The fund will have both retail and institutional share classes and will retain the same charging structure.

The initial charge for the retail share class of both T Bailey funds will be 5 per cent, while the annual charge will be 1.25 per cent.

To mark the fifth anniversary of the Fortress funds, a special offer is reducing the initial charge to 3 per cent, with commission increased from 3 per cent to 4 per cent.

T Bailey co-manager Jason Britton says: “The offer is open for whatever the IFA wants to charge his client. The chairman was keen for us to do something for the fifth anniversary of the Fortress funds. We are giving IFAs money, not from clients but our own balance sheet.

“We feel that we are making it attractive for IFAs to switch money from badly performing funds as clients would not want to pay another initial charge.”


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