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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.”


AITC aids members on discount control

The Association of Investment Trust Companies is offering IFAs training to help them understand discount control mechanisms after a rash of corporate activity in the sector last year. Around 60 per cent of the AITC’s members have introduced discount control mechanisms to ward off arbitrageurs, with the majority doing so over the last 12 months. […]

Millfield loses star duo to Tenet’s IFA

Millfield Partnership has lost its two top-performing advisers to newly established Tenet IFA Foster Denovo. Tenet claims that the two teams led by Paul Clarke and Darren Laverty were the top- producing Millfield IFAs in 2004 and 2005, with both achieving a turnover of over 1m in each year. Both are on target for generating […]

Women’s world

This month, the Women’s Financial Adviser Group present its 2005 Financial Adviser Women of the Year Awards, which are now into their fourth year. In explaining what the awards represent, the WFG is perhaps best placed to comment itself. It says: “The time had come for women in our sector to be noticed and to […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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