View more on these topics

Electra tops up

Downing Corporate Finance is raising up to £1,98m 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).

The top-up investment will allow the VCT to broaden its range of investments. 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 a portfolio of fixed interest securities and 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. Proposed changes which will increase the income tax breaks and add 20 per cent to investors&#39 capital as an incentive during the first two years should boost the appeal of VCTs after April 6 this year. But investors may want to invest in this top-up issue before the CGT break is abolished.

According to Standard & Poor&#39s, the Electra kingsway VCT is ranked 11 out of 25 trusts based on £1,000 invested on a mid-to-mid basis with net income reinvested over two years to February 23, 2004.


Invesco funds make up 12% of Cofunds assets

Invesco Perpetual funds account for more than 12 per cent of Cofunds&#39 £2bn of assets under management, with the group&#39s high-income fund responsible for 3.5 per cent. Invesco leads the field with 12.4 per cent of assets, with Jupiter on 9.7 per cent, Artemis 7.9 per cent and New Star 6.8 per cent. Fidelity, which […]

Tied agents must disclose commission equivalence

Banks and tied agents will have to disclose commission equivalence according to the FSA&#39s menu proposals released today. The FSA has identified two types of tied agents and is determined to make the tied sector disclose commission equivalence. Product providers&#39 representatives will have to disclose commission equivalence. This category contains most of the bancassurance sector. […]

Treasury to amend financial promotion rules

The regulation of financial promotions is set to be brought under one set of rules as part of the Treasury review of the FSA. The consultation paper has outlined concerns that the way in which promotions are regulated depends more on what regime the products fell under in the past rather than the amount of […]

Standard calls for drawdown deal

Standard Life is calling for an amendment to the Pensions Bill to allow pension companies which do not offer income drawdown to pay tax-free cash and then hand the balance over to drawdown providers. The call reflects concern over the thousands of executive pension planholders with tax-free cash over 25 per cent whose contracts do […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


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 thought leadership.

    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