Close adds two multi-manager fund ranges

Close Asset Management has expanded its fund offering with the launch of two new multi-manager fund ranges, investing in passive and active funds.

The move comes after the asset manager recently rebranded its existing multi-asset range.

The Tactical Select fund of passive funds range, will invest in passive funds and exchange-traded funds and will carry annual management charges of 1.21%, with a 5% initial fee.

Three funds will be available located at different junctures of the risk/reward scale, including Balanced, Conservative and Growth. Asset allocation to passive funds will be managed by Close Asset Management.

The same fund types will be available under its Managed brand, as well as a Diversified Income fund, which will invest in active funds.

The Managed fund range will carry a 5% initial charge, but will have annual management charges of 2.12%.

The Managed fund range will also be able to invest in derivatives and use currency hedging for investment purposes and to manage risk, Close has warned that risk ratings may also change over time.

Last week, the asset manager announced it would be making changes to its Close Discretionary range.

The Dynamic Portfolio fund was renamed as the Close Growth Portfolio fund. The Growth Portfolio fund became the Close Balanced Portfolio fund.

The Balanced Portfolio fund had its name changed to the Close Conservative Portfolio fund, while the Bond Income Portfolio fund became the Close Bond Income fund.

The asset manager said the names had changed to “ensure they more closely match how the funds are currently being managed”.