Framlington is starting the 2001/02 tax year by launching a UK smaller companies fund run by star fund manager Roger Whiteoak.
The fund will open on April 9, with a launch period to April 27 offering 1 per cent off the initial charge of 5.25 per cent.
Whiteoak was recruited from Rathbone Unit Trust Managers to head Framlington's £800m UK smaller companies desk in December. At Rathbone, his smaller companies fund maintained consistent top-quartile performance, achieving more than 95 per cent growth over 1999.
The fund will be the third retail offering in the Framlington UK small-cap range, adding to its capital unit trust and Innovative growth investment trust. It will hold 80 to 100 stocks across the FTSE Small Cap, FTSE Fledgling, Hoare Govett Smaller Companies and Aim indices with caps under £1bn.
Minimum investment is £1,000. Annual charge is 1.5 per cent with initial commission of 3 per cent and 0.5 per cent renewal.
Framlington believes the prospect of interest rate cuts and high Government spending makes this an ideal time for a small-cap launch. Marketing director Craig Walton says: “When markets are depressed, people may feel less inclined to invest. But realistically, this is the right time.”
