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Investec extends deal

Investec Asset Management is extending its deal for free Pep and Isa transfers to its cautious managed and managed distribution funds after transfers quadrupled since the offer started in May.

The initial commission offer of 4 per cent and 0.5 per cent discount has been extended to September. In the first month of the offer, there were over 400 transfers and £9m inflows into the funds.

Clients can invest in the combined fund with no initial charge if IFAs agree to waive commission. Both funds blend equities and bonds.

The managed distribution fund, with £28m under management, has a minimum of 60 per cent of the fund invested in fixed income at any one time. The £246m cautious managed fund has a maximum exposure of 60 per cent in equities.

Joint managing director Andy Sowerby says: “We have had a fantastic response to our offer over the past two months. Pep transfers have made a significant contribution to the growing inflows into both funds recently and we believe this trend is set to continue.”

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