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Edinburgh Partners rules out retail funds

Edinburgh Partners has dashed IFA hopes that it intends to launch retail funds after confirming that its initial three portfolios will only be available to institutions.

The company, set up by former Scottish Widows Investment Partnership chief investment officer Sandy Nairn and head of UK equities Graham Campbell, will offer only investment trusts to retail investors. with the first trust due by 2004.

Campbell says it is too early to give details of the trust other than it will focus on organic growth but confirms that EP will seek other closed-end mandates from IT boards. The only other funds Campbell says EP will offer in the foreseeable future will be institutional.

Campbell says: “We will not be offering funds directly to the retail market. We will be in the closed-end market, where we have no baggage and will manage money differently.”

Hargreaves Lansdown sen-ior analyst Meera Patel says: “I am disappointed that retail investors will not be able to buy into the funds.”

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