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Investment Update

u Henderson Global Investors is expanding its fund of funds range with the independent distribution, independent balanced and independent international portfolio funds. They have no initial charge and pay 3 per cent commission.

uLegal & General is offering two new Isas with fixed-rate returns over five years. The performance bond Isa gives an annual income of 7 per cent or capital growth of 40 per cent after five years. Capital is fully returned if the FTSE 100 stockmarket index does not fall below its initial level in the last three months of the term. The secure bond Isa has no stockmarket exposure and will give 28 per cent capital return after five years or a 5 per cent income a year for five years.

uAberdeen Asset Managers is introducing an American monthly income Isa. It invests in Aberdeen&#39s American Monthly Income Trust, has no brokerage fee and an annual charge of 0.5 per cent.

uGartmore is changing the investment strategy on its UK income fund to qualify for inclusion in the UK equity income sector. It will invest in a portfolio of income-bearing equities and its holding in bonds will be reduced to 10 per cent.

uNDF Administration is linking up with Credit Suisse First Boston on a hedge-fund-linked product. The Dublin-based protected hedge growth plan aims to achieve capital growth over six year term with capital protection. Minimum investment is £7,000.

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