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New version of L&G&#39s distribution fund

Legal & General is launching a unit trust version of its £1bn distribution life fund this week, offering 5 per cent initial commission but no trail. The fund, to be managed by David North, will invest at least 60 per cent in bonds, enabling it to retain the tax credit within an Isa.

The initial charge will be discounted to 4 per cent until April 6. The annual charge is 1.5 per cent.


LIA wants FSA to take back industry qualification role

The LIA says the Financial Services Skills Council should be stripped of its responsibility for qualifications and have it handed back to the FSA. LIA head of public affairs John Ellis says handing this responsibility over in total to the skills council would be “risky” and a better approach to reviewing the T&C regime would […]

Southern Pacific rides the sub-prime wave

Sub-prime specialist lender Southern Pacific Mortgage is set to introduce a light adverse mortgage, believing the market has huge potential. The new product will be rolled out on December 1 and director of credit Stuart Aitken expects large amounts of interest. He predicts it could eventually account for up to 25 per cent of SPML&#39s […]

Direct Life & Pensions ponders a passage to India

Direct Life & Pensions says it would “strongly consider” following the trend set by providers in outsourcing to India to enter new markets, believing India holds great opportunities for IFAs. The comments follow sales and marketing manager Richard Verdin&#39s recent visit to provider outsourcing centres in India, where he says savings of 40 to 50 […]

Corporate focus for cash bond

Prudential International Assurance is offering an offshore cash portfolio bond. The Prudence portfolio bond capital-redemption option, which has no entry or exit fees, is a single-premium unit-linked contract with no life assured and a fixed term of 99 years. Investment relationship manager Richard Leeson says it is aimed at low-risk high-net-worth clients aged 50-plus, trustees […]

Value remains within European equities

By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.


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