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Jupiter&#39s new fund vies with life office bonds

Jupiter is looking to go head to head with life offices in the investment bond market, with the launch of a low-risk monthly income fund.

The Jupiter distribution fund, to be launched next month, will be a combination of equity income and fixed-interest portfolios.

The unit trust will be targeted at Isa investors and will aim to provide a yield of 5 per cent paid monthly and some capital growth.

Star income manager Tony Nutt will manage the equity income portfolio, which accounts for 35 per cent of the fund.

The remaining 65 per cent will comprise corporate bonds with an average BBB rating and will be managed by Jupiter&#39s head of fixed interest John Hamilton.

The fund will have an initial charge of 4.5 per cent and annual 1.25 per cent. Commission is 3 per cent initial with trail of 0.5 per cent for Pep and Isa investments.

Joint managing director Steve Glynn says the fund is an ideal portfolio bedrock which offers less volatility than normal equity funds but higher inc-ome than most corporate bond funds.

He says: “We feel that, as with-profits funds come under pressure from huge scrutiny, this type of product will give IFAs a realistic alternative to offer customers. It provides all the advantages of distrib-ution bonds but is more tax-efficient.”


Framlington – Best of British Isa

Wednesday, 9 January 2002. Type: Unit trust Isa. Aim: Growth by investing in UK growth, UK smaller companies funds. Minimum investment: £2,000. Maximum investment: £7,000. Catmarked: No. Investment choice: UK growth, UK smaller companies. Charges: UK growth initial 5 per cent, annual 1.25 per cent, UK smaller companies initial 5.25 per cent, annual 1.5 per […]

CBI survey sees profits tumble for life offices and fund firms

Financial services companies have been hit hard by the economic downturn, suffering their biggest fall in profits for almost a decade, according to figures from the CBI.Its quarterly survey with PricewaterhouseCoopers shows business volumes have been falling at their fastest pace for nine years, forcing many companies to cut capital expenditure and marketing costs in […]

Norwich & Peterborough seeks court review of watchdog&#39s Tessa decision

Norwich & Peterborough Building Society is seeking a High Court review of the Building Societies Ombud-sman&#39s decision that it discriminated against a Tessa investor by paying higher interest on its mini cash Isas.The ombudsman made the decision after a complaint that the society paid higher interest on the Isa than the Tessa between April 1999 […]

Financial roadshows to offer themed expertise

Training and development firm Summits Afoot is setting up a new company to offer free roadshows for financial services professionals.The Partnership in Planning company will run roadshows around a financial planning theme, offering technical knowledge as well as product ideas.The conferences are sponsored by product providers and admission for delegates is free. A series of […]


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