SVM Asset Management is to launch its first global stockpicking fund next month, the SVM World Equity Fund. 

The £16.3 million SVM UK Alpha fund will change its name and investment objective to form the new fund.

Subject to shareholder approval, this will be implemented on 1 December.  

Managed by Neil Veitch, who currently manages the SVM UK Opportunities fund and co-manages the SVM All-Europe SRI fund, the new fund will invest in a concentrated portfolio of 30-40 global equities, which are trading at a discount to their value. The fund will sit in the IMA global growth sector.

Mark Noble, head of retail sales and marketing at SVM, believes the fund will take the SVM UK Opportunities’ successful investment approach to a global level. With an emphasis on companies with overseas earnings, he says the fund is a natural step in extending their product range.

Veitch comments: ‘Our analytical, contrarian approach, coupled with a strong sell discipline, has driven the performance of the SVM UK Opportunities fund and we can now offer investors increased enhanced diversification across sectors and geographies.’

The minimum investment is £1,000, with an initial fee of 5.25 per cent and an annual management fee of 1.50 per cent.