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Cheviot in fund of funds first launch

Cheviot Asset Management has set up a multi-asset fund of funds as its first investment product following the firm’s relaunch last May.

The CF Cheviot balanced fund aims to provide income and growth by investing globally in a range of openand closed-ended funds across asset classes.

The fund has a minimum investment of £10,000 and it will invest mainly in equities, fixed interest, property and cash.

It will be benchmarked against the FTSE Apcims balanced index, with maximum equity exposure of 85 per cent and a minimum of 15 per cent in fixed interest, property and cash.

Funds of hedge funds, private equity and structured products can be held within the fund under the non-Ucits retail scheme structure, but the initial portfolio has no exposure to these asset classes. This is because alternative asset classes are not included in the benchmark index but this will change shortly.

Investment adviser William Buckhurst will select the underlying managers for he fund, while chief investment officer Alan McIntosh will make the asset-allocation decisions.

There will also be input from head of alternative assets David Miller, who recently joined Cheviot from Royal Bank of Canada.

Some of the underlying managers will be institutional managers that retail investors cannot usually access due to high minimum investment levels.

Buckhurst says: “We can invest in whoever we want. We are not tied to any investment house or style. The Cheviot team has come from UBS, where there is a culture of investing in in-house funds. We are trying to get away from that.”

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