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LV= targets Isas with three funds

LV= Asset Management has opened up three new multi-manager funds in a bid to boost business for the Isa season.

LV= diversified income, balanced managed and stockmarket have all been launched into the retail market with an Isa wrapper in a bid to target investors seeking to move into funds following the fall in interest rates to 1 per cent.

Returns paid on cash Isas are now at the lowest point since records began, standing at 1.94 per cent on average, down from 5.23 per cent 12 months ago.

People buying on the LV= website prior to the close of the Isa season on April 5 will have their initial charge reduced to 2 per cent.

Minimum investment is £1,000 and monthly minimum is £100.

Head of multi manager Tom Caddick says: “Knowing that this tax year’s Isa allowance will be gone for good on April 6 puts pressure on investors.

“It is impossible to say if markets have passed the rock-bottom point yet but I am confident that we will look back at 2009 as a time of great opportunity for those willing to take a long-term view.”

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