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Glasgow launches Mackintosh high income fund

Glasgow Investment Managers is launching the Mackintosh high income fund managed by Susan Anderson and aiming for a net yield of 5.5 per cent a year.

The fund will have a portfolio of between 35-40 UK equity holdings, with a structure similar to the Glasgow Income Trust, which invests additional finance raised through a derivative structure in corporate bonds, to enhance income. Initially the fund will invest 56 per cent in the Ftse 100, 35 per cent in mid 250 and 9 per cent in small cap companies.

Glasgow IM chief executieve Mike Balfour says: “The Mackintosh Fund is the first open-ended investment company to be managed by Glasgow, and heralds a new departure from the traditionally managed investment trusts Glasgow has become known for.”


Open war to break out on annuities

The annuity market is set to be a significant battleground for insurers as researcher firm Defaqto predicts a scramble for assets over the next couple of years. The IFA market for annuities is worth more than 5.6bn but in the first quarter of 2005, four companies accounted for 83 per cent of all open market […]

New fees go towards paying FSA pensions

The FSA says it is using addit-ional income from mortgage and general insurance regulation to help pay off its 35m pension deficit. The regulator says it will use “unplanned income” primarily from higher than expected auth- orisation fee inflows to raise its pension deficit payment from 6m to 9.7m. Its deficit was valued at 35m […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.


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