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Neville James fund will combine Teps and zeros

Neville James Fund Managers is offering an offshore Oeic which claims to be the first to invest in both traded endowment policies and zero-dividend preference shares.

Although the secure capital growth fund will be managed by NJFM, it will be adv-ised by the investment director of its sister company Neville James.

Peter Mason, who already advises NJFM on its with-profits plus fund, will be the chief adviser to the new fund.

The fund has two share classes. The A class charges a 1.225 per cent annual management fee and offers 0.25 per cent trail commission.

The B class offers no trail commission but carries a lower annual management charge of 0.975 per cent.

Neither share class has an initial charge but both give IFAs the option to charge up to 5 per cent commission.

Mason says: “The fund is designed to provide easy access to the fast-growing zero market and the already well established Tep market. The fund is an attractive vehicle for investors seeking high levels of low-risk capital growth over the medium term.”

Michael Philips partner Michael Both says: “I suppose it is a way of getting a balance of two low-risk investments. But with endowments becoming about as popular as a proverbial rattlesnake in a lucky dip, I would be a bit nervous about buying that side of the fund.”


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