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Barings to exploit CGT changes to increase yield

Barings Asset Management is to defer the launch of its European income fund in a bid to take advantage of the recent capital gains tax changes.

Marketing director Ian Pascal says the move to an 18 per cent flat rate of CGT has prompted the firm to look at other ways to distribute yield.

He says if a new way can be found it could mean a change to a number of Barings’ funds which distribute reasonable levels of capital growth.

He says: “We are working on this subject in order to find a way to pay dividends as capital gains rather than income following the announcements in the Budget, but we have set no timeline for proposals or a potential launch.”

“At the moment it is a case of us being optimistic but not naïve about making potential changes.”

Money Marketing revealed earlier this year that Barings was looking at launching a European income fund following investor demand. The group also launched an emerging markets income fund for Ece Ugurtus in December 2006.

Hargreaves Lansdown investment manager Ben Yearsley says: “It is an idea with great scope if Barings can pull it off. But it is a case of if and how long as I expect that there will be a number of hurdles for them to tackle.”


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