The first UK-based Open Ended Investment Company (OEIC), a Japan Growth Fund set up by Global Asset Management (GAM) was launched on 27 May.
The fund will be sterling denominated, open to sterling investors and will be managed by Paul Kirkby who already manages two top-performing Japan funds.
The share price is fixed at 100p until close of business on 6 June 1997. Two share classed are available. 'A' shares will have a higher initial but lower annual charge than 'B' shares.
Roger Leslie a tax partner at Ernst & Young who advised onthe set up of OEICs and PFPVs said that he expected more OEIC launches in the near future.
He said: Quite a lot are going to come from unit trusts merging or converting into OEICs," adding that companies were now addressing cost issues. There has been speculation that funds that were going to be set up offshore are now being set up as UK OEICs."