Norwich Union this week launches the Norwich Special Situations fund. Co-managed by Richard Buxton and Andy Brough, both from Schroders, the fund is aimed at investors who are prepared to take higher risks.James Dalby, head of fund propositions at Norwich Union, says: “It is for anybody looking for a bit of punch in their portfolio. It has got a high performance target.” He explains: “It is not a core UK equity fund, but it is something that would compliment a core UK equity fund. It will give you strong performance potential.” The fund, which will hold 40-60 stocks, aims to outperform the FTSE All-Share. Dalby, who joined Norwich Union at the beginning of April this year, says the combination of Buxton and Brough is key to the fund’s appeal. Buxton manages the Schroder UK Alpha Plus fund, while Brough runs the Schroder UK Mid 250 fund. “Richard and Andy are two well- recognised fund managers by the IFA market,” says Dalby. “They are a powerful combination in a very popular sector but at the moment you cannot buy a fund that has them both.” The fund is part of Norwich Union’s drive to develop its investment range. It has made several changes over the past 12 months. In March it launched the Norwich UK Growth and Value fund, managed by JPMorgan. This was the first time it looked to external managers to run funds. Morley Fund Managers runs all of its other retail mandates. The Special Situations fund’s minimum investment is 500 and the annual management charge is 1.5%.