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Downing VCT takes cautious approach

Downing is introducing a further two venture capital trusts before the April deadline, including a protected product aimed at more cautious investors.

It hopes to attract 40m for the Downing VCT4 and Protected 5 VCT.

The Protected 5 VCT will be more cautiously managed and focus on capital preservation, with wind-up expected in around five years.

Fifty per cent will be invested across a range of sectors including pubs, children’s nurser- ies, garden centres and health clubs, with the rest split equally between ordinary shares of qualifying companies and cash and fixed-income securities.

Investors will receive a 1 per cent discount on the 5.5 per cent initial charge in the form of shares for applications received before January 31 while commission will be enhanced to 3.5 per cent from 2.5 per cent.

Downing Corporate Finance director Nicholas Lewis says: “These are ideal for investors who are seeking to reduce the risks normally associated with VCTs. The directors will accept lower returns on the protected VCT’s investments in return for lower risk.”


IMA sets out process principles

The IMA has published six fund processing principles, including encouraging electronic messaging for communication between fund managers and financial institutions.

Widows to put direct clients back in S2P

Scottish Widows is the latest life office to contract direct customers back into the state second pension automatically unless they choose otherwise. Widows has written to around 7,500 direct customers telling them that it will contract them back into S2P by the end of January unless they object. This follows similar moves by Prudential and […]

Baxter to lead MLP push

Advocate of fee-based advice joins German giant to build UK wealth management business

ScotEq branching out with IHT tree

Scottish Equitable and Scottish Equitable International are offering a set of aids for adv- isers to help them determine inheritance tax liability. The information packs will contain a series of stages that advisers can use to establish their clients’ needs and dev- elop a trust solution for the client’s circumstances. Stage one will highlight if […]


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


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