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BFS split-capital trust majors in UK equities

BFS Investments is to offer a split-cap investment trust focusing on the UK equity market.

The trust has a planned life span of seven years and will be aimed both at retail and institutional investors.

The issue will be split between zero-dividend preference shares, ordinary income and ordinary capital shares.

The majority of the fund will be concentrate on UK equities, with the remainder invested for income using reverse convertible bonds and the income shares of split-capital trusts.

The fund will be managed by Alan Brunsden, who was previously investment director of UK retail funds at Hill Samuel Asset Management and subsequently managed Scottish Widows&#39 environmental fund, which was one of only two funds to outperform the FTSE All-Share for each of the past five years. He joined BFS last week.

CCK managing director Tim Cockerill says: “BFS has been going quite strongly recently and has been launching some interesting products. But I would rather have a split trust that invests directly in the market than into other splits.”

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