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Star pickers for Old Mutual mid-cap fund

Old Mutual Asset Management has picked two of its highest-profile managers to run its new UK mid-cap unit trust.

The OM UK select mid-cap trust will be managed jointly by its head of UK equities desk Ashton Bradbury and Richard Moore. Both are renowned stockpickers.

Bradbury is currently res-ponsible for Omam&#39s UK select smaller companies fund while Moore is the manager of the UK growth fund.

Omam believes the UK mid-cap market has excellent investment opportunities and that, despite representing

11 per cent of the UK market, it is often overlooked and under-researched.

The fund will focus on the FTSE 250, holding typically 50 stocks. Minimum investment is £1,000 lump sums or £50 a month.

The initial charge is 4 per cent discounted by 0.5 per cent until February 22 and the annual charge is 1.5 per cent.

The fund will aim to achieve returns of at least 3 per cent higher than the FTSE 250 stockmarket index on a 12-monthly rolling basis.

IFA commission is 3 per cent and renewal is 0.5 per cent. Director of marketing and client servicing Barry Russell says: “With the UK market undervalued and ready for an upswing, we believe there is outstanding investment potential in the mid-cap sector. Richard&#39s experience in larger stocks is the perfect complement to Ashton&#39s knowledge of smaller companies.”

Bradbury says: “Active management in this sector can add significant value to the portfolio. We will be applying the same investment process currently used in small caps.

“We will be seeking stocks which have the potential to grow faster than the UK market for a sustained period of time, the rising mid-caps with hidden profit potential and companies with potential for re-rating.”

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