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Luckraft fund may reopen

Axa Framlington is considering reopening George Luckraft’s £1.1bn equity income fund in response to IFA demand.

The group soft-closed the fund in March 2005 by introducing a 5.25 per cent initial charge without discount to stem massive inflows into what was then a £700m vehicle.

Head of UK retail sales Rob Bailey says the group recognises demand but any possible re-opening is down to Luckraft. He says: “It is George’s fund and it will ultimately be his decision on whether re-opening it is for the best.”

BestInvest head of communications Justin Modray says: “George is a good manager and there would be no real surprise if he could manage a bigger pot of money. The big question is has the situation changed that much in the past two years to trust in the firm changing its original decision?”

Chelsea Financial Services managing director Darius McDermott says: “The likelihood is the group will look to open up this fund once more.

“It is not a case of Luckraft handling a bigger amount of money, it is more a question of how fast those inflows come in and whether it will be managed efficiently.”

Luckraft’s fund is top of the UK equity income sector over the past five years, returning 113.8 per cent.

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