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Investec trust aims for zero rollovers

Investec is to target money from closing zero-dividend preference trusts with the launch of its capital accumulator trust to be run by Alastair Mundy.

The trust is a closed-ended version of Mundy’s 120m open-ended capital accumulator fund and has been made the designated roll over vehicle for Gartmore’s SNT Zeros trust which currently contains 95m.

A further 700m sits in zeros looking for a home over the next decade and Investec managing director David Aird says he is targeting other trusts to secure their roll over re- commendations.

Traditional zero-dividend trusts suffered negative publicity owing to high gearing in the split-cap crisis and are suffering low demand with few new launches.

The Investec trust is not geared and uses derivatives to reduce risk while giving exposure to the upside of the underlying equities chosen by Mundy. It targets a 7 per cent a year capital return without paying out income and will have a life of 10 years to a continuation vote and a 0.75 per cent annual management charge.

Chelsea Financial Services managing director Darius McDermott says: “Investec has been very clever in spotting a gap in the zero market and producing a product to fill it. Investors will benefit from upside in the stocks and protection from the downside.”


NU goes live on Exweb Gold

Norwich Union is the latest provider to go live for policy valuations on The Exchanges Exweb Gold.NU joins Friends Provident, Prudential and Standard Life on the service with Axa, Scottish Equitable, Scottish Widows and Skandia expected to join later this year.NU head of ebusiness development Andrew Simon says: “Enhancing our ecommerce capability to allow real […]

Parents failing to make wills

Nearly half of parents have made no will, according to research from Barclays. It polled 1,019 adults and found 48 per cent of parents and overall 19 per cent of people over 65 have not made a will. Barclays points out that if there is no will then, in intes- tacy, if the deceased has […]

Network plea for misselling definition

Retrospective misselling com- pensation campaigns are “festering sores” that blight the industry, says Alpha to Omega network chief executive Stewart Wooles. He is calling for a clear and legal definition of misselling, saying the FSA’s treating customers fairly policy can result in advisers being treated unfairly, particularly with retrospective regulation changes. Wooles believes that enc- […]

Women’s IFA group broadens awards

The Women’s Financial Ad-viser Group is gearing up for a new award scheme after rebranding and moving to encompass a wider swathe of the female adviser market. The enlarged awards will include whole of market advisers, multi-tie, tied, mortgage advisers and paraplanners, as well as the original award of best female independent financial adviser. The […]


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