Hanover unveils new fund

Hanover Funds Management has unveiled its first investment product, an international equities-backed fund with "capital protection".

The Hanover Group subsidiary said its Global Growth Fund would give investors "exposure to the growth potential of four of the world's leading equity markets" as well as the confidence that their investment would be repaid. The five-year investment has a potential return of 50 per cent, consisting of cash and imputation credits.

Hanover Group, which reported a 35 per cent increase in net profit to $105 million, said it intended to grow the asset base of its fledgling funds management business to $1 billion within three years.