No fees for JB Were funds
J B Were has dropped the entry fees on its new global sector funds for two months as part of a move to test this type of marketing ploy for quickly raising an initial amount for the fund.
The two new funds - global technology and global health and biotech - will be managed by Boston-based Wellington Management as part of the joint-venture signed last year between the two companies.
J B Were head of sales and marketing Jim McKay says the new funds are for long-term investors who are not adverse to risk.
"There are huge opportunities for investors and we see 20 to 30-year time horizons for these products," he says.
The technology fund will invest in global high-tech stocks with a minimum of 80 per cent in listed securities. The biotech fund will invest globally in healthcare, biotech and related companies globally, with at least 80 per cent of the investment in listed securities.
Wellington has run its own versions of these funds in the US, the technology fund has achieved a return of 51.6 per cent since it opened in January, 1994. The one-year return is 113.8 per cent.
The biotech fund has achieved 28 per cent return since it was established in December, 1984 and an one-year return of 50 per cent.
Advisers will be paid a 2 per cent commission and an 0.5 per cent trail for both funds.
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