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Framlington discount deal as stars join funds

Star fund managers George Luckraft and Nigel Thomas join Framlington this week with their new employer offering discounted Pep and Isa transfers into their funds.

The managers were given permission in July by former employer ABN Amro to join Framlington months before their contracts expired.

Thomas will run the UK select opportunities fund – previously the capital trust – and Luckraft will run the equity income and high-income funds, previously the extra income fund and UK bond fund respectively.

Framlington is offering a 2 per cent discount off the funds&#39 5 per cent initial charge until December 31 on transfers and lump-sum Isa or unit trust investments get a 1 per cent discount.

Luckraft will also manage the monthly income fund, which last week merged with Framlington&#39s quarterly income fund.

IFAs are anxious to see how the managers perform as the funds they are taking over have performed inconsistently. IFAs believe that Luckraft&#39s investment style is less suited to poor markets.

Chief executive Mike Vogel says: “Our ambition is to establish our reputation as a leading provider of UK equity funds. There could be no better way to do this than by recruiting such talented investment managers and then giving them the autonomy to run funds in their unique and proven style.”

RJ Temple marketing director Ian Millward says: “Luckraft will have his work cut out with his riskier style while Thomas has a challenge but is an excellent stockpicker. Investors should give them around two months to get rid of the nasties in the funds.”

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