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Clerical signs up to security

Clerical Medical has established the second tranche of its secure investment plan.

This capital-protected Oeic is linked to the performance of the FTSE 100 index for a term of five years and six months. Investors will receive a full capital return at the end of the term regardless of the performance of the index, plus 110 per cent of any growth in the index. Investments can be made directly into the Oeic, through an Isa or Isa/Pep transfer.

To calculate the returns the closing level of the FTSE 100 index is recorded at the start of the term and measured against the daily average closing levels over the final six months of the term.

While this protects investors from a bumpy rise as the product heads towards maturity, the less attractive flip side is that the effect of string growth during this period will be neutralised.

This fund could appeal to cautious investors who are looking for capital-protection within the more transparent Oeic structure and who are happy to tie their money up for a relatively long period.

Although the fund is designed to be held for at least five years and six months, it is possible to make withdrawals of at least 1,000. However, taking advantage of this facility will reduce an investors overall return and withdrawing all the capital before the end of the term could mean they get back less than they put in.

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