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Unicorn UK Income unveils soft close target as cash pours in
by David Campbell on Nov 01, 2013 at 10:34
‘If you hard-close, some money will always come out, so it’s a bit of a moveable feast,’ said McClure. ‘But it is something we would look at once we get to between £750 million and £1 billion.’
The mandate was tipped in a survey of Wealth Manager readers last week as one of the leading funds being considered by those looking to redeem from Neil Woodford's funds, following his decision to depart Invesco Perpetual.
Interviewed a week after the announcement, McClure said the company had already noticed a small uptick in applications from a mix of old and new investors.
Between Wednesday 23 October and Monday 28 October, fund assets rose by more than £10 million from £399 million to £411 million, according to Morningstar data.
The fund has already experienced a growth spurt over the last 12 months on the back of exceptional performance – up 89.2% over three years versus a peer average UK Equity Income manager return of 41.1% – and the appointment of an external sales and marketing team.
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