View more on these topics

Downing tops up Electra VCT

Downing Corporate Finance is raising up to £10m to top up the Electra kingsway venture capital trust (VCT).

Electra kingsway was established in September 2001 and is managed by Electra Partners. It invests in a portfolio of unquoted and developing companies that are listed on the alternative investment market (AIM). So far, it has invested in four companies at a total cost of £2.5m.

The top-up investment will allow the VCT to invest in more companies with high growth potential when prices are low. The companies will need to have good business plans and show there is demand for their products and services. They must also show profitability and have adequate capital to support their business plans. Investments in start-ups will be avoided because they are perceived as too risky.

The money raised by the VCT will not be immediately in unquoted and AIM-listed companies. It will first go into the Electra investment trust, which is contained in the venture and development capital sector, the Electra active management Oeic and a portfolio of fixed interest securities. It will then be transferred when suitable investment opportunities in unquoted and AIM-listed companies are identified.

This VCT could appeal to investors with less money to invest, but who want exposure to companies at an early stage of development as part of a wide portfolio. However, investor confidence has been affected by volatile stockmarkets and some investors may be reluctant to invest in developing companies because they are riskier than quoted companies.

According to Standard & Poor&#39s, the Electra kingsway VCT is ranked fourth out of 25 trusts based on £1,000 invested on a mid-to-mid basis with net income reinvested over six months to November 29, 2002.


Gavin Stewart goes to Britannic Asset Management

Britannic Asset Management has appointed Gavin Stewart as chief operating officer. He will take up the role in January and will be responsible for finance, legal, IT, corporate development, investment trusts and product development. Stewart was formerly group development director at Aegon.

Contribution rates

The rate of employer&#39s National Insurance contributions is confirmed at 12.8% and the rate for employees at 11%, with a 1% surcharge on earnings in excess of £595 per week. Levels of National Insurance contributions for tax year 2003/2004 were set as follows:- 1. EMPLOYEES The Primary Threshold (ie. the threshold above which employee&#39s NI […]

Business / agricultural property relief

Currently certain business and agricultural assets qualify for 100% relief which, subject to certain conditions being satisfied, effectively removes the assets from the inheritance tax net. Labour are concerned that these reliefs may be abused. However, they have stated historically that &#34they will introduce arrangements to protect bona fide family businesses from being broken up […]

The exclusion zone

Many people on moderate incomes take for granted their ability to hold a range of different financial products. Although we might moan about our banks, we hardly notice the benefits they provide us with. Try imagining running your finances, indeed your life, totally excluded from mainstream financial instruments. It soon starts to get difficult, yet […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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