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Fidelity to split special situations fund

Fidelity is to split Anthony Boltons 5.4bn special situations fund in two during the first half of 2006.

Bolton, manager of the fund since launch in 1979, will run both funds until the end of 2006, after that he will continue to manage one of the funds for a further year until the end of 2007 before moving to a new role in the investment division.

Fidelity is also increasing the current initial charge of 3.5 per cent to 5.25 per cent on new investments in special situations in order to slow the flow of new money into the fund. Additional revenues generated by the increase will be paid into the fund to benefit its 250,000 investors.

Hargreaves Lansdown senior investment analyst Meera Patel says: “Existing customers should sit tight but I would not recommend new investors put more money into the fund until we know more about how it is to be split and how the two new funds are to be managed. This will create a lot of confusion in the markets.”


ZILL is granted Singapore licence

Zurich International Life Ltd is granted a Singapore operating licence, saying it is one of the first offshore international life companies to do so.Following months of negotiation, the Monetary Authority of Singapore has approved Zurich’s application to enter the market and develop its presence in Asia. ZILL chief executive Martin Davis says: “Singaporeis an attractive […]

Property plan tracks price index

Abbey and Knight Frank are offering a 10-year residential property plan giving investors up to 200 per cent of growth in the UK housing market over the period. The Dublin-listed product tracks the Halifax house price index and offers a capital guarantee. It is eligible for Sipp inclusion and aims to give investors exposure to […]

Fears grow on contracting out

New entrants into the buy- to-let market are expected to fall, with growth dependent on existing clients, according to research consultancy Charterhouse. Around 90 per cent of intermediaries are now active in the BTL market, according to the survey, Mortgage Intermediaries – The Regulated Environment, which tracked 300 mortgage brokers. For almost a third of […]


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