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Merrill Lynch launches fund

Merrill Lynch Investment Managers has unfurled an institutional fund which is to be measured against an equally weighted FTSE 100 benchmark.

Called the KWS British Companies fund, it intends to have a total risk lower than a FTSE 100 tracker fund.

The aim is not to have more than 5 per cent in any stock or more than 12 per cent in its top three largest holdings.

Furthermore, the fund won’t invest more than 15 per cent in any one sector and will always hold at least 50 FTSE 100 stocks.

Merrill Lynch fund manager Mark Wharrier says "This fund will offer clients a new method of diversifying their absolute risk, whilst maintaining a focus on investment in the UK’s largest companies."

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