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's 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's £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's 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.