OEIC fields five funds

HENDERSON Crosthwaite, the stockbrokers, is launching a Dublin- based Open-Ended Investment Company that combines the ability to take in new funds and the absence of a discount on assets, with the simplicity of an investment trust and a single trading price.

It will offer five funds: a UK Growth Fund that tracks the FT-SE 100 index, a Global Managed Fund, a Pacific and Far East Fund and European Fund (both managed by Schroders) and a North American Fund managed by Foreign & Colonial. Initial charge is 5 per cent but there is an introductory discount of 3 per cent on the first two and 2 per cent on the three specialist funds.