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Neptune teams up with Calculus for VCT debut

Neptune Investment Management has teamed up with private equity manager Calculus to offer the Neptune-Calculus income and growth venture capital trust.

The VCT will provide twice yearly tax-free dividends and capital growth. Initially all the money raised through the offer will be invested in a portfolio of Neptune income funds, UK shares and money market instruments. The lead manager will be Neptune managing director Robin Geffen. The funds are actively managed and stocks are selected on a bottom up basis. The portfolios tend to be fairly concentrated with between 30 and 50 stocks.

Geffen founded Neptune in May 2002. He has over 20 years experience and was previously chief investment officer at Orbitex Investments. Geffen has managed the Neptune balanced fund since launch in 1998, the Neptune global and managed funds since launch in December 2001 and the Neptune UK equity fund since 2000

When suitable investment opportunities are found, 25 per cent of the portfolio will stay with Neptune. The remainder will go into a portfolio of qualifying companies, including those listed on Aim, managed by Calculus. Seed stage companies and start ups will be avoided where the risks are felt to be unacceptably high.

The VCT will take a generalist approach, investing in a diversified portfolio of companies, many of which will operate in traditional sectors. The typical size of investments will be 200,000 to 1m. No company will represent more than 10 per cent and no sector will represent more than 20 per cent.

Keeping 25 per cent of the portfolio in Neptune income funds, UK shares and money market instruments may suit some VCT investors because this strategy does not expose all their capital to unquoted companies.
VCTs are a new area for both companies involved in this product, but Calculus and its parent company, McDonald Glencross, are experienced in running unquoted company portfolios through enterprise investment schemes and for private clients which should stand the managers in good stead.


Zurich adviser offshoot to be called OpenWork

Zurich has unveiled the name of its new multi-tie business. First revealed in Money Marketing last month, the new business will be called OpenWork and is expected to attract between 2,200 and 2,300 of Zurichs 2,500-strong workforce.OpenWork advisers will sell Scottish Equitable pensions under a tie-up between parent Aegon and Zurich announced last week.

Example of initial disclosure document

Below and on the right we publish the FSA’s example of a menu given in an annex to the regulator’s rules published last week for depolarisationFirms will have until June 1, 2005 to provide consumers with a copy of the menu and initial disclosure document which are published on these pages. Companies which choose to […]


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