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Invesco bolsters divi

Invesco Perpetual has increased the dividend of its high income fund by 4 per cent.

Total dividend per unit for the fund is 12.02p in 2009 compared with 11.55p for 2008. The £7.9bn fund is managed by Neil Woodford.

At the end of 2008, the firm moved its flagship income and higher income funds into the newly launched IMA equity income and growth sector, claiming the IMA’s call to reassess the UK equity income sector forces managers to focus on short-term yield at the expense of the long-term balance between income generation and capital growth.

Hargreaves Lansdown senior analyst Meera Patel says: “This is good news for IFAs and raises the question of why the IMA decided to split the equity income sector.

“The fund would probably qualify for the UK equity income sector, given the FTSE All Share stands at 3.71 per cent.”


Gross mortgage lending up 26%

Gross mortgage lending totalled an estimated £16bn in July, a 26 per cent increase from £12.7bn in June, according to the Council of Mortgage Lenders.


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