BNP Paribas Privalto UK will tomorrow launch a fund that will track its own Millenium Index.
The Privalto Millenium Tracker fund, a Ucits III Oeic, will be linked to the performance of the BNP Paribas Millenium 10 Europe Series 3 (sterling hedged) Total Return index (the Millenium index).
According to Privalto the index is spread across a range of liquid assets including American, Asian, European and Japanese equities, commodities, real estate and foreign exchange. Given the funds ability to short many of these assets the group says it should be able to perform in rising and falling markets.
The retail share class carries an initial 4% initial fee and an annual management fee of 1.5%. Minimum investment is 1,000.