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NVM launches second VCT next month

Northern Venture Managers will launch their second venture capital trust at the start of next month. The Northern 2 VCT aims to raise up to £25m through a share issue.

The new fund is already substantially invested. Investment strategy will be similar to other NVM trusts and funds. The new fund will co-invest with two other funds the Northern Investors a £25m capital fund floated in 1990 and the Northern Venture Trust launched in 1995.

By adopting this strategy NVM will be able to invest up to £3m in any individual deal.

Investment director Tim Levett says: &#34It is difficult to assess the track record of VCTs at this stage, because many investments are still at an early stage and their book value does not yet reflect their true potential.&#34


National Consumer Council slams &#39Markets&#39 bill

The National Consumer Council has slammed the Financial Services and Markets Bill for reducing consumers&#39 legal protection when they buy pensions and insurance products.It says that under the Bill consumers buying a faulty kettle will have more financial clout than those that buy a pension or insurance product that fails.The Bill which is currently undergoing […]

Aon creates operations director post in new approach to customer services

Aon Consulting is promoting its Sheffield Office pensions director Mark Smith to the newly created position of operations director.He will be responsible for developing a team of senior operations and project managers who will focus on customer services. Aon chief executive Ron Amy says: &#34Mark has shown outstanding abilities in his present post and I […]

CBI survey shows only brokers and fund managers optimistic for 1999

Insurance brokers and fund managers are the only sectors in the financial services industry expecting significant growth in the first quarter of 1999.Other sectors are heading for a sharp slowdown in business and significant job losses in the first quarter of 1999, according to a survey by the Confederation of British industry and PricewaterhouseCoopers The […]

Lloyds TSB tempts healthcare customers with Paris holidays

Lloyds TSB Insurance is tempting customers into their health protection range by offering them the chance to win four luxury trips to Paris in a prize draw.The trips include two tickets to see the France vs Scotland Five Nations rugby match and two first class Eurostar tickets to Paris.Customers qualify to enter the draw when […]


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