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Age Concern cuts CGU fund tie as yield is slashed

Age Concern has severed its tie to CGU&#39s mon thly inc ome plus fund after the fund&#39s yield was slashed by 20 per cent last month.

The charity has sold the fund to members as the Age Concern monthly income plus fund for the past two years but it has been concerned about the future prosperity of the fund.

Age Concern says it will still use a Norwich Union fund.

It is expected that the charity will opt for the higherincome-plus fund, which has a similar yield to the monthly income plus.

Chase de Vere Investments is set to drop the MIP from its buy list. If this goes ahead, it will be only the second time a fund has been dropped from its list. The last was Peter Young&#39s fund at Morgan Grenfell.

Age Concern Financial Partnerships managing direc tor Peter Gatenby says: “We de cided to stop using CGU&#39s MIP because of where it had got to. Although we think they have made the right decision for the future, it depends on whether there are still any problems. Rather than have any more Age Concern customers buy in to it, we would instead recommend another fund. We do not want to take the risk.”

Norwich Union Investment Funds PR manager Daniel Longden says: “We are aware that Age Concern are no longer going to be selling the MIP but we believe they are looking at our other products.”

Recommended closes is closing highlighting again the pressures facing financial websites. The decision comes two weeks after Jagnotes, another US news website, closed its European site and a day after UK website Interactive Investor International reported a 15 per cent fall in quarterly revenues. was launched in February, backed with £10.6 million from venture capitalists […]

Aberdeen sites for each of its investment trusts

Aberdeen Asset Managers has created a series of websites covering each of its investment trust companies.The 23 new sites can be accessed from www. They will each list specific information about one of its trusts, including twice-yearly results, manager details, capital structures, daily price updates, regulatory news and monthly updates.The sites will include a […]

Ramparts are breached

So, the great polarisation debate takes another, but perhaps inevitable, twist. The decision on the future of polarisation is to be deferred until next year – except, of course, that Cat-standard Isas and stakeholder pensions are to be “depol arised” sooner. What significance can we attach to these decisions and what now for the future […]

Advisers may be made to justify their commission

The FSA is to investigate how advice is paid for as part of a wide-ranging review into disclosure.The regulator&#39s consultation paper, expected in the next four weeks, aims to discuss increasing transparency and provide analysis into the merits of feebased and commission-based advice.Optimists say the move will help IFAs differentiate themselves from tied or multi-tied […]


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