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Schroder Income Maximiser switches sectors

Schroders has moved its Income Maximiser fund into the UK Equity Income sector to compete with similar vehicles recently launched by other groups.

The fund was placed in the Specialist sector when it launched in 2005 because it was the only vehicle of its kind and to make sure investors were comfortable with the style of investment, says Robin Stoakley, the managing director of Schroders’ UK retail business.

It holds the underlying investments of the Schroder Income fund, managed by Nick Purves and Ian Lance, but John Teahan enhances the yield by selling covered call options on the stocks. It has delivered a yield of at least 7% per year since launch, according to the group.

Stoakley says, “It has performed as we expected so we decided to apply to the IMA [Investment Management Association] to move it into the UK Equity Income sector, where two new funds from Insight and Fidelity have been recently launched doing the same thing and already sit in this sector. Advisers can now compare them all together.

“We also found that advisers were having difficulties finding the fund, so this improves the visibility and we are keen to raise its profile.”


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