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Charter trust investors reject Henderson bid

Henderson Global Investors has failed in its hostile bid for Dresdner&#39s Charter European investment trust after an unpre-cedented number of the fund&#39s investors turned out for the vote on its future management.

Despite having the support of two other major shareholders – Equitable Life and Standard Life – Henderson secured only 46.2 per cent of the vote compared with Dresdner&#39s 53.8 per cent.

Henderson had proposed to wind up the £400m trust, returning 75 per cent of the fund&#39s assets to investors in cash and merging the remaining 25 per cent into the Henderson EuroTrust.

But Charter countered Henderson&#39s bid with a proposal to wind up the trust, giving investors the option to redeem 100 per cent of their investment in cash or reinvest it in a new Dresdner European trust.


Moore&#39s code

FRS17 sounds like one of those rather sinister abbreviations scientists are fond of using when they talk about nasty new strains of bacteria.In fact it is a new accounting standard which forces companies to declare shortfalls in final-salary pension schemes on their balance sheets. But the effect it is having on those schemes is rather […]

No distinction between agents, says Severn

Polarisation does not make clear that IFAs operate as an agent acting in the best interests of clients, according to head of the FSA polarisation review David Severn.Answering questions from IFAs in this week&#39s MoneyMarketing, Severn said the current regime does not make a distinction between an agent of the provider and an agent of […]

Personal allowances

With the tax rate on savings income for basic-rate taxpayers at 20 per cent, the potential saving that can arise from a higher-rate taxpayer transferring funds to a basic-rate taxpaying spouse is 20 per cent, even though the real difference in their respective rates of tax is 18 per cent. Even greater savings can be […]

Tax-efficient keyperson cover

Tax efficiency is possibly one of the most frequently used phrases in the industry and one that regularly forms the cornerstone of recommendations presented to our customers.In the same way, reference is often made in corporate protection planning to the “tax efficiency” of particular recommendations being made.A major sector of the corporate protection market is […]


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