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JP Morgan Fleming puts investment trusts on pension map

JP Morgan Fleming Asset Management has unveiled an individual personal pension that focuses on investment trusts.

The investment trust personal pension account is designed to provide investors who do not want a stakeholder pension with an equally simple pension arrangement.

Investors can choose from a cash fund and three investment trusts&#45 managed growth, claverhouse and overseas. The managed growth trust is a managed portfolio of JP Morgan Fleming&#39s investment trusts and aims to provide capital growth. Claverhouse aims for income and growth by investing in UK companies such as BP Amoco, Vodafone Airtouch and HSBC. Finally, the overseas investment trust focuses mainly on capital growth with some consideration for income by investing overseas in companies such as Microsoft.

A pension that uses investment trusts rather than unit trusts and Oeics is a novel idea and looks likely to attract people with some investment experience that are looking for a low-cost pension. However, investment choice is limited and some investors might prefer a pension which has external fund links.

According to Standard & Poor&#39s, the claverhouse and the overseas investment trusts are top quartile based on £1,000 invested on a mid to mid basis with net income reinvested over three years to June 1, 2001. The cash fund is top quartile on a bid to bid basis with net income reinvested over the same period. There is no three-year past performance for the managed growth investment trust.


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Collins Stewart – Blue Chip Value And Income Fund

Friday, 8 June 2001.Type: Split-capital investment trust.Aim: Income and growth by investing in UK large-cap companies.Minimum investment: Subject to negotiation with stockbroker.Place of registration: Guernsey.Investment split: Blue chip UK equities 75 per cent, bonds and high yielding investment trusts 25 per cent.Yield: 8.75 per cent.Isa link: Yes.Charges: Annual 1 per cent.Commission: None.Tel: 01534 280068.

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