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Framlington takes the plunge to wind up the NetNet fund

One of the UK&#39s worst-performing funds, Framlington NetNet, is finally taking steps to wind up, with its share price now down more by than 94 per cent since launch.

The split-cap trust, which launched at the height of the technology boom in March 2000 with £100m under management, has seen its value plummet over the past 18 months and now has assets of just under £6m.

At the start of this week, the fund&#39s net asset value per share was 7.93p while the share price of the trust was just 5.25p.

The other high-profile technology launch at the top of the market, Jupiter&#39s global technology fund, is down by 72.51 per cent from its launch last March.

The Framlington NetNet board will hold an extraordinary general meeting on November 19, with the fund set for liquidation on November 20 if the proposals are agreed. Shareholders are expected to receive around 90 per cent of the remaining assets of the trust.

In a proposal to shareholders, the trust&#39s chairman Robert Jones says: “Negative market conditions have taken a toll on the value of the company&#39s portfolio. The board considers that, given the company&#39s current size and present market conditions, it is unlikely to raise further funds or to merge with another large fund on favourable terms. The board considers that the company at the current size is not viable.”


Govt should fund advice service, says thinktank

The Government or the industry should create and fund a generic advice service catering for those who cannot afford financial adv-ice, claims a report by new consumer thinktank the Consumer Policy Institute.The report, Where Next for Financial Advice?, conducted by FSA consumer panel member Jane Vass, says there is a need to provide advice to […]

Genesis Home Loans – Planet & Moons Fixed 7.24 Per Cent

Friday, 26 October 2001.Fixed term: Until January 1, 2003.Fixed rate: 7.24 per cent.Minimum loan: £40,000.Maximum loan: Up to 95 per cent of valuation subject to a maximumof £200,000m.Income multiples: 3.5 times principal income plus second or threetimes joint.Arrangement fee: £395.Redemption fee: 6 per cent of original loan in years one and two, 5per cent in […]

IFAP appoints marketing manager

IFA Promotion has appointed Karen Barrett as marketing manager to co-ordinate its advertising, website and direct marketing campaigns highlighting the benefits of independent financial advice.Barrett joins from Abbey National where she spent 18 months working on integrated campaigns for the bank and Safeway. She implemented programmes for the Abbey National cash Isa and Safeway savings […]

R&SAIFS feels agressive with new fund

Royal & SunAlliance International Financial Services’ (R&SAIFS) new aggressive managed fund is introduced in co-operation with Collins Stewart Asset Management, who will be dealing with the management of the fund.Aggressive managed is an offshore life insurance fund of funds and potential investors have been identified as experienced investors who are looking to add a high-risk […]

Large-cap growth alpha thesis: seeking risk-adjusted excess returns

Content supplied by Loomis, Sayles & Company — an affiliate of Natixis Global Asset Management For mutual fund investors and managers of large pensions or endowments, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision […]


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