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Investment update

Aberdeen Asset Management has ext-ended the 1 per cent discount on all new Isa business into its corporate bond funds until the end of the tax year. The discount, which applies to the Aberdeen fixed-interest and sterling bond funds, cuts the initial charge to 3.25 per cent. Aberdeen&#39s high-yield bond fund is also now included in the offer.

Schroder star income fund manager Ian McVeigh quit the firm last week to start a hedge fund. McVeigh, who managed the £480m Schroder income fund, will be replaced by Humphrey van der Klugt, who manages the firm&#39s £880m UK equity fund. McVeigh leaves next month.

Equity unit trust and Oeic performance for January fell for the first month since September, according to Lipper&#39s monthly fund review. The average equity fund fell by 0.42 per cent while the average bond fund was up by 1.05 per cent. The best-performing sector was the Far East excluding Japan, with a return of 5.95 per cent.

Massachusetts Fin-ancial Services is cutting the initial charge on its three Oeic funds by 1 per cent to 4 per cent until the end of the tax year. Annual management charge is 1.5 per cent. Minimum investment is £1,000.

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