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Chrysalis aims for thwarted Sipp investors with art VCT

Boutique fund manager Chrysalis is launching what it claims is the first venture capital trust investing in antiques and art businesses.

The company, led by chairman Robert Drummond, is looking to raise a total of 25m by April in its venture capital trust E-share class offer and will be targeting self-invested personal pension investors who are disappointed that they cannot hold antiques and art in their pensions after Chancellor Gordon Brown’s pre-Budget statement U-turn on residential property Sipps.

The adviser to the trust is Spencer Ewen, who is a London-based art consultant, historian and valuer with over 20 years’ experience in the art world.

He is managing director of art valuation firm Seymours and he will work in partnership with the VCT management team led by Robert Drummond.

Ewen says: “Badly bought art is as volatile an investment as anything but well-bought art is a stable investment. We will be working with established luminaries of the art world with the financial stability to perform to the standards required by the VCT.”

Chelsea Financial Services VCT specialist Matthew Woodbridge says: “We have had music, wind farms and television exposure from other VCTs and now Chrysalis chairman Robert Drummond has further widened the choice for investors, allowing Chrysalis to stand out.

“However, the success of this share class will depend on the amount of money that they can raise.”

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