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Investment update

Britannic Asset Manage-ment is offering a 1 per cent discount on its four global sector funds until April 30. The discount will take the initial charge on the global healthcare, global technology, global resources and global financials funds to 4.25 per cent from 5.25 per cent. The funds have an annual charge of 1.5 per cent. Minimum investment limit is £500. Commission is 3 per cent with 0.5 per cent renewal.

Exeter Fund Managers is offering a 1.5 per cent discount on the Duncan Lawrie smaller companies fund until the end of April and has renamed the fund the Exeter smaller companies unit trust. The discount, which runs until the end of April, will take the initial charge to 3.5 per cent from 5 per cent. The annual charge is 1.5 per cent. Exeter is also offering a 1 per cent discount on its global opportunities fund until April 5, taking the initial charge to 4 per cent from 5 per cent. The annual charge is 1.25 per cent. Both funds have a minimum investment of £1,000 or £500 within an Isa. Commission is 3 per cent with 0.5 per cent renewal.

Former Rathbone star fund manager Patrick Evershed has been recruited by New Star to run its next new fund. Evershed, who ran the Rathbone special situations fund, left the firm three weeks ago after a dispute with the company. He is now expected to run a similar special sits fund at New Star, which will be launched within the next few months.

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