Norwich Union unveils ‘secure’ cash product

Norwich Union has launched a cash fund to provide investors with income and a high level of capital security.

The Norwich Cash fund, managed by Richard Hallett at Morley, can invest in any type of cash or near cash assets. This includes floating rate notes, certificates of deposit and short-dated corporate bonds.

David Hewison, collective development investment manager at Norwich Union, says the fund may appeal to investors looking for a short term income. “There was a hole in the collective investment fund range,” he says. “We didn’t have a cash fund at all. If investors are nervous about equities in the short term they can hold [their assets] in this.”

The minimum investment in the Norwich Cash fund is £500 lump sum or £50 a month. Its annual management fee is 0.5% and there is no initial charge.