Former Investment Association chief executive Daniel Godfrey is set to delay the launch of his own fund, The People’s Trust, until October, back from the first half of the year as previously planned.
In October, Godfrey said he was planning to launch a fund that will seek total returns of 7 per cent annually over a seven-year period and will be accessible to anyone who saves from £10 a week.
Initial costs for the fund, which includes a free Isa and savings plan, will be between 1 and 1.5 per cent a year but they are expected to decrease as the fund grows in assets.
However, Godfrey told Money Marketing the final total expense ratio won’t be available until all the suppliers are appointed to the trust.
He says:”I hope to kick off with a total cost of ownership for someone using the trust’s Isa that looks reasonable.”
As of 24 March, the fund has gathered around 2,258 investors and has raised £115,380.
Money Marketing understands the fund will look to invest in a mix of global and “green” investments and is currently searching for fund managers from both big groups and boutique firms.
Hargreaves Lansdown senior analyst Laith Khalaf says:”The most important things to know are who runs the trust and how much it charges and these are not in place yet. When these are in place investors will know if it is a good investment or not for their portfolio.”
Daniel Godfrey will be joining us at Money Marketing Interactive as a speaker on May 18th.