SVM to launch small, mid-cap focused portfolio

Scottish Value Management (SVM) plans to open a hedge fund focusing on small- and medium-sized stocks, in October.

The SVM Saltire fund, which will be limited to $145m (E150m), will be managed by Andrew Kelly and David Stevenson, who also manage two of the company's mutual funds.

Stevenson, who has been at Scottish Value for nine years, runs the SVM UK Opportunities fund, which invests in small- and medium-sized stocks. Kelly, who has been at Scottish value for more than five years, runs the SVM U

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