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Mercury changes name of high yield fund

Mercury Asset Management is boosting the yield of its High Yield Bond Fund and changing the fund&#39s name to the Mercury High Income Bond Fund.


The fund&#39s gross yield will increase from the current 5.5 per cent to an estimated 8 per cent per annum over the next three months, and Mercury will use the fund as a key part of its ISA offering.


Mercury plans to reach the target yield by introducing a number of high yield European corporate bonds into the portfolio and by charging expenses to the fund&#39s capital rather than its income account.


Mercury&#39s managing director of unit trusts, Richard Royds, says the high yield bonds will be rated BBB and below.

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