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Morley weaves its magic

Morley Fund Management has introduced the Morley Absolute Growth Investment Company (MAGIC).

MAGIC is a spilt capital investment trust with a hedge fund element. It is aimed at clients who are looking for a product that can provide income and growth.

Four areas of share capital will be available: income shares, capital shares, zero dividend shares and units made up of one income share and one capital share.

The investment portfolio will be split into two parts. The first, comprising 55 per cent of the company, will aim to provide growth by investing in the Morley alternative strategy fund, a hedge fund that concentrates on the FTSE 350 and FTSE world Europe excluding UK indices.

The remaining 45 per cent will invest in an income portfolio, comprising investment trust geared ordinary shares.

This is a unique product as it is the first split capital investment trust that can access a hedge fund. However, hedge funds can be quite risky and mostly appeal to investors looking for high returns. Combining this with an income element should make it appeal to the more balanced risk investor.

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