View more on these topics

Dover Street enters VCT neighbourhood

Dover Street Capital, a specialist venture capital and investment advisory firm in London, has brought out the Dover Street venture capital trust which will have a fixed life of six years.

The company has raised over 60m in the past there years mainly through film financing but is now applying its skills to a VCT. The directors are aiming this offering at the lower risk end of the spectrum and have taken steps to minimise the risk to capital associated with unquoted companies.

The companies selected for the VCT will need to be established, profitable companies with strong customer bases, reliable cash flows and strong asset backing. They will be selected on their ability to provide an income and will also need to convince the VCT managers that their investments are likely to be realised within six years.

This is because at the heart of the VCTs investment strategy is the intention to liquidate the portfolio within six years, allowing investors to realise their investment without having to sell their shares on the open market.

Dover Streets directors point out VCTs usually trade at a discount to their net asset value and they believe that an orderly liquidation of the portfolio will provide higher returns to investors than the sale of shares on the open market.

Another way the VCT will minimise risk to investors capital is to fund investments in unquoted companies using a combination of loans, which are repayable, and equity investment.

This VCTs fixed life and the thought it has given to proving an exit for investors makes it stand out from the crow of VCTs which have been launched as a result of the enhanced income tax relief. However, with so many top-ups from established VCTs, it may be difficult for a newcomer to raise money.


Deutsche appoints Benkner as Global Head of Retail

Deutsche Bank has appointed Axel Benkner as global head of retail for Deutsche Asset Management (DeAM). Benkner is currently head of DWS Investments in Europe and will continue to be the head of DeAM Europe. In his new role, Benkner will asume responsibility for all of DeAMs retail businesses, including DWS and Scudder Investments, with […]

Platform reduces rates across self-cert range

Platform is launching a range of self-certification base rate trackers and fixed rates, removing the rate increases that were introduced in the summer.For example, the two year tracker is at BBR +0.89 per cent (5.55 per cent) to 85 per cent LTV with no ERC overhang with 500 cashback. The three and five year trackers […]

Brown fails to carry FTBs over threshold

Mortgage experts and opp-osition politicians have attacked the Chancellor’s increase in the stamp duty threshold to 120,000 as offering nothing to most first-time buyers.

Julian Gibbs

It is sensible for all higher-rate taxpayers, and those who expect to be, as well as investors who may become capital gains tax-payers, to invest in an Isa.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm