View more on these topics

JPMF elects for two into one

JPMorgan Fleming has created the elect investment trust by restructuring two existing trusts &#45JPMorgan Fleming Managed Income and JPMorgan Fleming Managed Growth.

The new trust has three share classes but it is not a split capital trust. The managed growth share class invests in a range of JPMorgan Fleming closed-ended and open-ended funds such as JPMorgan Fleming Claverhouse, JPMF UK dynamic fund and JPMorgan Fleming overseas. It will invest around 65 per cent in the UK, with the remainder going overseas.

The managed income share class is designed to provide a growing income with the potential for capital growth by investing in closed-ended funds, fixed-interest securities and fixed interest funds managed by JPMorgan Fleming and other fund managers.

Between 85 per cent and 100 per cent will go into high-yielding UK equities, with the remainder in fixed-interest. High-yielding equities will be selected according to factors such as dividend yield, earnings and interest rates..

There is a third option that is only available to investors in the other share classes as a shelter from equity markets. Managed cash shares are designed to preserve capital and provide a yield based on short-term interest rates by investing in at least five sterling liquidity funds.

Although the new trust will not use gearing, it will be indirectly geared because some of the underlying investments will be geared investment trusts. Gearing enhances returns when performance is good but introduces an element of risk as losses are magnified when the trusts fall in value. Some of the underlying trusts will take their charges from the capital, so this will also have an indirect impact on the new trust.

According to Standard & Poor&#39s JPMF managed income is second out of 6 trusts and JPMF managed growth is ranked 17 out of 30 trusts based on £1,000 invested on a mid-to-mid basis with net income reinvested over three years to January 20, 2003


Concern over tax consultation deadline

Pension experts warn that a full response to the Inland Revenue&#39s tax simplification process will be difficult because the Pensions Bill is unlikely to be published until mid-February.With the consultation closing on March 5, respondents are complaining that they will have only days to interpret the effect of the new Department of Work and Pension […]

Standard sparks questions over value of rating agencies

Some insurers and IFAs are starting to question the value that big rating agencies such as Standard & Poor&#39s and Moodys offer to financial advisers in the wake of the Stan- dard Life strategic review.Both S&P and Moodys moved to downgrade Standard after announcements that the firm had been in discussions with the FSA over […]

Schroders sail and hearty

Schroders is supporting the Ellen MacArthur Trust, a charity that takes children recovering from cancer on summer sailing trips to the Isle of Wight.This summer will mark the second year that Ellen, who in 2001 at the age of 25 became the fastest woman to sail around the world, has taken a group of recovering […]

Berkeley Morgan Group back in healthy profit

Berkeley Morgan Group is back in the black, turning a loss of £1m in 2002 into a profit that reached nearly £0.5m last year.The Ofex-traded group includes 65-RI IFA division Berkeley Morgan and RE Gee & Co. This area of the business produced a turnover of £2.4m despite “adverse investment conditions” that directors blame for […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm