Friends Ivory & Sime is re-entering the retail market with the new AIM growth fund.
This is one of three new open-ended investment companies (Oeics) that Friends Ivory & Sime has created under its new retail brand name of ISIS. The other two funds in the range are the UK smaller companies and the UK dynamic funds.
AIM growth is aimed at the sophisticated investor who is comfortable with a high level of risk. It will seek to provide growth by investing in a portfolio of between 60 and 70 stocks in the UK alternative investment market (Aim), as well as a small number of companies listed on the techMark index.
Most of the companies chosen from the Aim sector will have market capitalisations of up to £100m, while some of the techMark stocks can have market capitalisations of up to £500m.
ISIS will be picking young companies that offer exciting growth prospects and good long term potential. Some of the companies under consideration include engineering services company Metnor, gold exploration company Brancote Holdings, travel agent software firm Cyberes and AorTech, which makes cardiac monitors and artificial heart valves.
Bill Brown and Robert Mitchell will be managing the fund in London. Brown joined Friends Ivory & Sime in 1993 and has been managing the companys Aim Trust since its creation in 1996. Mitchell joined in 1995 and manages the Friends Ivory & Sime Aim VCT and Aim VCT2.
According to Standard & Poors the Friends Ivory & Sime Aim Trust is ranked 2 out of 27 funds in its sector, based on £1,000 invested on a mid-to-mid basis with net income reinvested over five years to August 20, 2001.