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Global portfolio meets IFA demand

Mercury Fund Managers, the unit-trust arm of Mercury Asset Management, is launching a managed growth fund that will invest directly in global equities.

The move follows pressure from IFAs for an international managed equity portfolio from Mercury.

The Mercury Growth Portfolio aims to achieve long-term growth by investing 75 per cent of assets in UK equities, 9 per cent in European and US equities and 4 per cent in Japanese equities. The remainder will be invested in emerging markets, the Pacific Basin and cash.

Mercury Private Client Div ision investment director Barry Woolf is managing the fund. It has already taken £15m from institutional investors.

The initial charge is 5 per cent and there is an annual management charge of 1.5 per cent.

The minimum investment is £10,000 or £6,000 via a Pep. Commission is 3 per cent initial and 0.5 per cent renewal.

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