BlackRock To Launch UK Best Ideas Fund

Oct 20 2011 | 9:36am ET

BlackRock will launch a UK equities best ideas fund to be helmed by its co-head of UK equities, Luke Chappell.

Chappell and BlackRock director Imran Sattar will manage the new vehicle—a retail version of the firm’s institutional UK Focus fund—which will be launched this month. The new fund will focus on companies incorporated or listed in the UK.

Currently run in the same format as an institutional mandate, the fund will invest in between 20 to 25 of the managers’ best ideas, without any constraining benchmark.

Chappell and Sattar will be assisted by BlackRock’s UK specialist equity team, which consists of 18 portfolio managers and oversees about £25.5 billion in assets

BlackRock’s head of UK retail, Tony Stenning, told Citywire Wealth Manager the decision to launch the fund was the result of demand from clients, particularly from discretionary and fund of funds managers.

“Everyone is seeking out elusive alpha, which our guys have done year in, year out,” said Stenning.

The fund will launch with a limited initial issue and capacity up to £350 million. Investors can opt for a flat annual management fee of 0.75% or a base fee of 0.35% plus a 20% performance fee for outperformance over the FTSE All-Share index.

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