Fidelitys new financial services fund is a Luxemburg domiciled Sicav sub fund.
Aimed at experienced investors, the fund is designed to achieve growth by investing in the financial services industry, which consists of companies involved in the global banking, insurance, life assurance and property markets.
Some of the companies that the fund might invest in include Credit Suisse, Axa, Chase Manhattan and Bank of America. Financial services will benchmark the FTSE global financial index.
The fund will concentrate on companies that are expanding by merging with competitors, companies that are trying to become global players and companies that are increasingly using technology such as the internet when dealing with customers.
With the baby boom generation getting older and with more and more people approaching retirement, the number of people looking for financial products such as life assurance and savings is increasing.
According to Standard & Poor's the Fidelity Funds PS global growth fund is ranked 88 out of 418 funds, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over a one year period to September 1, 2000.