View more on these topics

Greenwood to run iimia fund of investment trusts

Investment manager iimia is launching a fund of investment trusts aimed at generating absolute returns through investing in trusts listed in the UK but invested in businesses worldwide.

The accelerated fund will be run by Nick Greenwood, formerly head of investment trusts at Christows, who will invest in trusts he believes have been unjustly dragged down to undeserved levels of discount due to the splitcapital trust crisis.

It will be benchmarked to the FTSE investment companies index and invest in around 40 of the sector&#39s 400 trusts. Greenwood says he is confident of achieving absolute returns as the long period of excessive supply has been replaced by strong demand, prompted by an increase in the number of boards buying back and cancelling shares. He says this presents excellent opportunities.

Charges will be up to 5 per cent initial and 1.75 per cent or 1.25 per cent annual depending on the size of the investment. Commission is 3 per cent, with 0.5 per cent trail.

Greenwood says: “There have been huge price inefficiencies across the sector, which will in time yield significant gains. That provides us exciting opportunities.”

Chartwell Investment Management director Patrick Connolly says: “It is a very sensible idea. It could be difficult to get people to invest in the fund but discounts are much larger than you would think and Greenwood has a very good track record.”


&#39Use salary sacrifice to cut NI bill&#39

Legal & General is advising employers to take advantage of salary sacrifice to reduce their firm&#39s and employees&#39 National Insurance bill. A 1 per cent increase in NI contributions will add an extra £1,000 to an employer&#39s NI bill for every £100,000 of payroll. But L&G says by simply reviewing the way pay is structured, […]

Providers &#39profit from client inertia&#39 on Serps

Product providers are profiting from client inertia by leaving them with contracted-out protected rights from Serps on pre-stakeholder terms, says Millfield pension specialist Graham Duckett.He says AMP is keeping old clients on stand-alone contracted-out rebate pension terms that have a 5 per cent up front charge as well as a 96 per cent allocation rate.However, […]

Experts say A-day will spark mass move to drawdown

The new Inland Revenue pension legislation will kick off a surge in income-drawdown business as investors hitting the lifetime limit move to avoid punitive tax charges, pension gurus are predicting.Scottish Equitable pensions development director Stewart Ritchie and Scottish Life head of pensions strategy Steve Bee both foresee a mass move to income drawdown at A-day […]

Cummings to head trade body for mortgage advisers

Former Sun Bank marketing director Chris Cummings has been appointed director of the new trade association for mortgage advisers.Cummings, 35, will be responsible for setting up and running the Association of Mortgage Intermediaries, which launched this week with the aim of becoming the voice of mortgage advisers with the Government and regulators. He is the […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm