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Exeter sets up portfolios as Pep rules are relaxed

Exeter Fund Managers is aiming to become one of the first groups to exploit the new Pep transfer rules with two new Pep portfolios.

The international growth and UK balanced portfolios will be launched when the Pep regulations are relaxed on Friday.

The rules have specified that Peps must invest at least 75 per cent of their portfolio in funds investing a minimum of 50 per cent in European Union markets. But from April 6, the geographical restrictions will be lifted.

The international growth portfolio will combine three of Exeter&#39s best-performing international funds – global opportunities, managed growth and Pacific growth. It provides exposure to global markets with an adventurous risk profile.

The UK balanced portfolio combines the Exeter equity income, zero-preference and capital growth funds, creating a medium-risk investment with a quarterly income option. All funds in both portfolios have Standard & Poor&#39s Micropal four- or five-star ratings.

Initial charge on both portfolios is 5 per cent, discounted to 4 per cent until June 30. Commission is 3 per cent. Annual management charges are 1.25 per cent on the international growth portfolio and 1.36 per cent on the UK balanced. Trail commission is 0.5 per cent.

Executive director Ian Joliffe says: “We are continually looking for ways to increase the options available to IFAs.”


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