BNY Mellon has raised over £29m in a new share class “just by being available” to retail investors.
The BNY Mellon Long Term Global Equity fund, managed by Walter Scott, launched its retail share class over the summer.
Paul Feeney, the head of distribution at BNY Mellon, says the group has been “quietly getting the fund onto the platforms, and are only really now starting marketing it in earnest.”
Feeney describes the fund as “the type of product that market has not really got at the moment.”
“It is a valuation-based, bottom-up stockpicking fund,” he says. “There is no allocation to specific sectors or geographies. Instead, the managers look for stocks that will produce an above average return, of say 20%, per annum.”
The fund targets an overall return of 12% via a long-term investment philosophy. Portfolio turnover is limited, “in single digits,” says Feeney.
“The fund has a very long-term investment philosophy,” he says. “It is not trying to play every market trend and cycle.”
The BNY Mellon Long Term Global Equity Fund was launched as an institutional fund in September 2007.
The retail share class has a minimum investment of £1,000 and is fully Isable.