WDB Asset Management has launched a Growth fund and is also understood to be seeking regulatory approval for a Defensive fund.

The WDB Growth Fund will aim to achieve capital appreciation rather than income and will have a medium-high risk portfolio, according to the fund prospectus.

The Growth fund must hold at least 10 per cent in non-UK equities, with up to 60 per cent able to be held in higher risk assets.

The fund will have an initial charge of 4.5 per cent and an annual charge of 1.5 per cent and will be benchmarked against the IMA Active Managed sector.

Mark Stevens, director and head of marketing and development, said, 'Following a planned re-organisation of various existing finds Williams de Broë will add the WDB Growth to the current WDB Asset Management ICVC Funds (Fixed Interest, UK, European, Global and Balanced) with the Defensive Fund shortly thereafter.'

The Defensive fund, which will also have an initial charge of 4.5 per cent, will aim to provide income and capital appreciation.

The addition of both funds will see WDB Asset Management offering funds covering the three multi-manager sectors within the Investment Management Association's universe: Active, Balanced and Cautious.

The fund will invest in a low/medium risk portfolio of assets with maximum equity exposure restricted to 60 per cent and at least 30 per cent in fixed interest and cash. The Defensive fund will be benchmarked against the IMA Cautious Managed sector.

Minimum investment in both funds - like the WDB Asset Management range - will be £5,000, with a minimum follow on investment of £1,000.

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