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Bezalel doubles Jupiter fund exposure to banks

Jupiter strategic bond fund manager Ariel Bezalel has nearly doubled his exposure to banks in the last few months.

Bezalel now has 14 per cent of the £607.5m Jupiter strategic bond fund invested in banks, up from 8 per cent in September, and says UK and US banks are offering the best opportunities.

He says: “We think the US is far ahead of the curve in recapitalising the banking system than Europe.”

Bezalel now has 2 per cent of the fund in Royal Bank of Scotland subordinated debt, 2.5 per cent in Lloyds convertibles and just over 1 per cent in senior secured debt in Citigroup.

He says: “The tier-two notes in RBS are yielding around 11 per cent, which is very attractive. The bank has done well in shrinking its balance sheet. Funding for 2012 has almost been sorted out. Similarly, we are getting equity-like returns from the Lloyds convertibles. Lloyds equities and bonds have been battered unfairly because of managemen turmoil and that turmoil seems to have settled down.”



Webb “reflecting” on future of Nest restrictions

Pensions minister Steve Webb says he is “reflecting” on whether or not to remove restrictions placed on the National Employment Savings Trust. Transfers in and out of Nest are banned and annual contributions are capped at £4,200. The restrictions were due to be looked at again in a review in 2017. With the delay of […]

Ingenious follows up Vindemia EIS

Ingenious Media has introduced a follow up to last year’s Vindemia enterprise investment scheme, an EIS investing in specialist fine wine merchants.

UK unemployment rises to 2.68m

UK unemployment rose by 118,000 in the three months to November 2011 to stand at 2.68m, according to the Office for National Statistics. The unemployment rate was 8.4 per cent of the economically active population, up 0.3 per cent on the quarter. The unemployment rate has not been higher since 1995 and the number of […]

UK dividend pay-outs hit record in 2011

Dividend payments in the UK hit £67.8 billion during 2011 and are expected to rise 11 per cent to £75 billion in 2012, according to Capita Registrars. Research also revealed that the number of companies increasing payments outstripped dividend cutters by four to one. The rise in UK dividend payments during 2011 was the first […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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