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Nurs boost for Peps and Isas

Changes to the Isa and Pep rules have opened up several new fund of funds products to investors looking for multi-manager exposure in the tax wrapper.

The Gartmore portfolio cautious strategy, Credit Suisse multi-manager incubator, Cazenove multi-manager diversity and New Star cautious portfolio funds are all now eligible for Isa and Pep transfer investments.

This follows changes in the rules relating to non-Ucits retail schemes at the end of 2005.

Nurs funds, unlike their Ucits counterparts, can hold property unit trusts which invest directly in bricks and mortar. In contrast, the only way that Ucits funds can hold property is through quoted investment trusts.

Gartmore says advisers were looking for a transparent multi-asset fund to fill a gap in the market left by with-profits and the Nurs structure fitted the bill. The downside to the Nurs structure was that it was ineligible for Isas and Pep transfers but, now that the rules have changed, Gartmore’s multi-manager team expect their cautious strategy fund to be one of the main beneficiaries.

Head of multi-manager Bambos Hambi says: “When the markets are buoyant, a lot of money goes into Isas. We know a lot of advisers were waiting for this rule change because they wanted to invest clients’ money in this fund.

“We had great inflows into the fund before the rule change but, now that they can invest through an Isa, we are expecting that to increase.”

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