Teather & Greenwood Investment Management is making its first foray into the retail world with the UK equity growth fund.
UK equity growth is an open-ended investment company (Oeic) and is aimed at the low-risk investor looking for growth and who wants to add to an existing portfolio. The fund is one of two introduced simultaneously by Teather & Greenwood, with the other being the UK equity income fund.
The Oeic will invest in a portfolio of 50 stocks listed in the FTSE all-share index, covering a wide spread of sectors. The stocks will all be blue-chip and will include companies such as Wimpey, Boots, BAT, Powergen, HSBC, P&O, GlaxoSmithKline, Vodaphone, Tate & Lyle, British Petroleum and Great Universal Stores.
The FTSE all-share index has fallen over the past three years, going from 2,809 points on September 21, 1998 to 2,128 points on September 21, 2001.
Fund manager Andrew Chapman is hoping the fund will outperform the all-share index itself. Before joining Teather & Greenwood in January 2001, he spent the previous nine years as investment manager at United Assurance.
In the past Teather & Greenwood has confined itself to areas like enterprise investment schemes and was involved with the string of Childcare Corporation schemes which invested in building and running nurseries all over the country. The introduction of UK equity growth shows that it is reaching out to build a bigger client base.