View more on these topics

Newton Foundation and income funds to merge

Newton Fund Managers is to merge two of its unit trusts.


The Foundation fund, which is only about £25.4m in size, will be merged into the £603m income fund.


Foundation will cease to be available at the end of business on March 31, and all assets will be transferred into the Income Fund. The final Foundation fund distribution will be made on or before May 31.


Newton director Simon Wombwell says Foundation unit trust holders approved the merger by a majority of more than 90 per cent.


Wombwell says the costs of merging the two funds will be borne by Newton. It forms part of the company&#39s plans to convert its unit trusts to an Oeic structure over the summer.


He says: “It made sense to merge the two funds. Both share common investment objectives and hold many of the same stocks. The income fund has performed consistently well. The income fund&#39s objective is to achieve a higher yield than the FTSE All Share index and it provides the opportunity to pursue both income and growth stocks.”

Recommended

BFS split-capital trust will invest in small companies

BFS Investments is seeking £25m for a new split-capital investment trust with two classes of share.The trust will be launched through a placing sponsored by Williams de Broe and will aim for income from investing in UK smaller companies capitalised at less than £100m.Its two share classes will be zero dividend preference shares and ordinary […]

CML says mortgage rate has bottomed out

The Council of Mortgage Lenders is predicting that the mortgage rates will not be cut for several months.The CML says that very few lenders will be able to pass on the benefits of the cut to their borrowers because they have already squeezed margins to breaking point.Mortgage rates are at their lowest rates for nearly […]

IFAA to promote fee based advice

The IFA Association is looking to promote fee-based advice among its members.The Association is issuing a consultative paper entitled &#39Positive Discrimination for Fees&#39 which proposes IFAs change the way they are remunerated.It proposes giving clients a choice of paying a fee based either on a lump sum or an hourly rate, traditional commission or a […]

PIA terminates IFA&#39s membership

The PIA has terminated the membership of Preston IFA, CAC Financial Services.The regulator has removed the firm&#39s authorised to conduct investment business.It has also suspended Ian Ward trading as Bucward Independent Financial Advisers based in 6 Rivian Avenue, NW4, London from carrying out investment business.The PIA had previously issued an intervention notice PIA after it […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com