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F&C softly softly into special sits

F&C has soft-launched special situations and mid-cap funds alongside the UK opportunities fund it set up for Phil Doel following his arrival from DWS last November.

New head of UK equities Peter Lees is running the F&C UK mid cap fund while Makis Kaketsis, manager of the F&C UK prime fund is also running the special situations fund for the firm. Both funds hold between 30 and 50 stocks and launched on December 30 with 34m seed money each.

The funds have 5 per cent initial fees and 1.5 per cent annual charges. F&C is focusing its marketing on Doel’s fund and offering a 1 per cent discount on its initial charge until April 7.

F&C denies the special sits launch is to capitalise on Fidelity’s special sits issues but says the two soft launches are intended to give the funds’ managers an opportunity to start building track records.

Dennehy Weller managing director Brian Dennehy says: “The launch of a special situations fund is undoubtedly opportunistic on F&C’s part but there are plenty of good funds in that space and it will be interesting to see where the flows come from.”

F&C head of communications Jason Hollands says: “Our rationale is to ensure that we have a suite of UK products that will work well at different points in the cycle. The launches certainly are not prompted by the need to target any specific opportunities arising from a competitor product.”

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