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Cazenove to launch diversity income fund

Cazenove Capital has announced the launch of a new multi manager fund, to be run by Marcus Brookes and Robin McDonald.

The Cazenove diversity income fund, which is set to launch in the fourth quarter, will follow a similar investment approach to the existing multi-manager diversity fund, but the emphasis will be more on income.

Unlike the £484m diversity fund, which seeks to achieve a return of the consumer price index plus 4 per cent over the medium-term, the new fund will aim for an average yield of 4 per cent per year and keep capital in-line with CPI.

To achieve this the managers will invest 40 per cent of the portfolio in equities, 40 per cent in fixed income and cash and 20 per cent in alternatives.  This compares with the diversity fund, which is also managed by Brooks and McDonald and recently passed through its five year track record, which holds a third in each of equities, fixed income and cash and alternatives.

The fund, which is subject to Financial Services Authority approval, will carry a £1,000 minimum investment, a 1 per cent annual management charge and a 5 per cent initial fee.



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