Resolution Asset Management (RAM) has launched five multi-manager funds in conjunction with Maia Capital, its latest boutique. The initial range includes onshore Growth, Balanced and Cautious unit trusts and two Dublin-domiciled Qualified Investor Funds.
Maia was scheduled to finish investing seed money of £200m by the end of last week. While RAM declined to reveal individual holdings in the portfolios, it confirmed that the boutique has taken positions in specialist fixed interest and global equity funds.
The onshore portfolios, structured as non-Ucits retail schemes, each hold 15-25 underlying funds. RAM expects the portfolios to have an average turnover rate of 25-33%. The funds are run by Chris Ralph, Jason Collins and Simon Mungall, who share a 50% stake in Maia.
The initial charge on the funds is 5.25%, with an annual management fee of 1.5% and a total expense ratio of 2.5%. A reduced initial charge of 4% applies until the end of 2007.