Swip makes its multi-manager entry a double

Scottish Widows Investment Partnership (Swip) has launched two multi-manager funds to mark its entry into the fund of funds market.

The Swip Multi-Manager Diversity fund aims to provide long-term capital growth above inflation. To achieve this it invests in a wide variety of asset classes from equities, bonds, cash, property to alternative assets such as fund of hedge funds and commodities.

The Swip Multi-Manager Select Boutiques fund aims to give long-term capital growth through a portfolio of funds with exposure to British and international equity markets.

Both funds aim to outperform inflation by 4% and have a minimum investment of £1,000.

The funds will be managed by Mark Harries, former director and head of multi-manager at Cazenove, and Simon Wood, who joined Swip in September in preparation for the launch of the funds. Swip recruited the pair from Cazenove along with Lyndon Gill, Natalie Burnard and Andrew Perham, who came in as investment directors.

Wood sees the strength of the MM Diversity Fund as being that, in current market conditions, “you are far better off having diversity in alpha”.

Despite the breadth of its remit, Wood stresses that “the fund has a full weighting in commodities and hedge funds, including AISL, Dexion Absolute, Dexion Trading and Goldman Sachs Global Dynamic Opportunities.”

The MM Boutiques fund, Wood says, will employ the expertise of Neptune Global, CF Odey Opus and GAM Global Diversified funds to “give us our allocation slant”.