Royal & SunAlliance International Financial Services (R&SAIFS) has joined forces with Collins Stewart Asset Management for the introduction of the R&SAIFS Collins Stewart balanced managed fund.
R&SAIFS will handle the administration of the fund, while the management will be dealt with by Guernsey-based Collins Stewart. The fund has been structured as an offshore life assurance fund of funds.
Balanced managed will choose from 80 funds available from the R&SAIFS mirror fund range, which includes funds from external fund managers like Schroder, Investec, Royal & SunAlliance Investment, Vanguard, Invesco and Barclays.
The funds chosen will be from a variety of sectors, ranging from cash and sterling fixed interest to UK, property, US, Europe, Japan and hedge fund market neutral.
The fund has been constructed to appeal to the experienced investor looking for a medium risk product that should grow over the medium to long term of five to ten years. However, it will be entering a sector that contains 199 competing funds and does not offer anything that makes it stand out from the rest.
It will be managed by Jim Goodey, chief investment officer at Collins Stewart since 1998 and who is also manager of the Collins Stewart Hirzel House global bond fund. Before joining Collins Stewart he worked for Natwest. He will head a fund management of 22 people, all based in Guernsey.
According to Standard & Poors of the 99 R&SAIFS funds available, 19 are first quartile, 21 are second quartile, 23 are third quartile and 26 are fourth quartile, based on £1,000 invested on a bid-to-bid basis with net income reinvested over one year to October 15, 2001.