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Fund of funds duo from Grenfell

Morgan Grenfell Asset Management is launching two Peppable funds of funds after taking just £10m with its last retail product.

The world opportunities growth and world opportunities income funds follow the launch of the All-Weather equity fund in January.

This was Morgan Grenfell&#39s first move in the retail market since the Peter Young scandal in 1996.

Director Shaun Coleman says money is coming into the All-Weather equity fund at about £1m a week after a surge of interest in the final week of 1997/98 tax year. He says a large number of IFAs have supported the fund.

The world opportunities growth fund is designed to provide long-term capital growth from a portfolio investing mostly in equity funds, while world opportunities income will aim to provide rising income and capital growth from a portfolio of equity funds, bond funds and cash.

The products will invest in a range of funds selected from a number of investment management companies including Morgan Grenfell.

Morgan Grenfell Investment Funds managing director Frances Davies says "The world opportunities funds are particularly suitable for IFAs wishing to offer their clients the comfort of investing with a range of leading investment management companies in a single product.

"The changes to CGT announced in the Budget mean that the fund of funds structure is a tax-efficient way of investing."

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