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SIML lays out best ideas ambition

SIML has confirmed that it is looking at bolstering its range of best ideas funds to five through launch of both European and International offerings.

The news comes off the back of the announcement that the group has taken in some £70m from the launch of its UK strategic best ideas fund in the first month.

SIML chief executive Jamie MacLeod initially set a target of £30m for the vehicle, which looks to include both long and short positions, but the added interest has pre-empted the decision to launch further offerings into the market.

MacLeod says: ““We knew there was demand from advisers but we were not sure how they would react to a fund that contains both long and short positions because this is the first time this has been tried in the market. £70 million in the first month is a significant amount for a new concept and we are very encouraged by this start.

“We know through talking to advisers that they want to see innovation in new products and that is something we strive to deliver. We have a number of exciting ideas in the pipeline, among which we are looking at the possibility of launching both a European and an International best ideas fund.”

Hargreaves Lansdown head of research Mark Dampier says he will reserve judgement on the international vehicle until it launches.

He says: “The difference between the international and the already existing global vehicle is the new launch is likely to be less UK centric with the US and co. likely to have exposure scaled up. The trouble is that the US is a hard place to find good managers but I expect they already have someone lined up. I’d wait and see how the products develop.”

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