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Cavendish Aims to start fund on a smaller scale

Cavendish Asset Management is unconcerned that fund- of-fund managers will deem its Aim fund too small to invest in because huge in- flows of money will hinder its flexibility.

The Cavendish Aim fund is being launched this month, with seed capital of £4m but Cavendish will not be staging a marketing campaign to help attract funds-of-funds money. The fund manager says although most fund managers seek to attract fund-of-funds money when in an offer period, it fears sizeable flows of money into and out of the fund could cause liquidity problems.

Cavendish Asset Management senior fund manager Paul Mumford, who will run the fund, says: “The Aim market is growing in size and probably in importance. Five years ago it was too small and too immature to contemplate but funds of funds often look for funds of a minimum size and I think the Aim fund will be too small.

“We have the choice of having huge marketing campaigns to attract £50m-£100m in investment but are not worried about getting substantial sums in. We prefer to start on a smaller scale.”

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