View more on these topics

Schroders postpones European equity fund

Schroders has postponed the launch of its European equity income trust following a lack of initial demand.

The trust was test marketed to specific buyers and is expec-ted to be launched by the end of the year to allow more time to attract interest.

It is structured in a similar vein to the group’s income maximiser fund, targeting a yield of around 4.5 per cent and using covered call options against half the value of its holdings. It is expected to be managed by Sonja Schemmann.

Managing director Robin Stoakley says the group, which is looking to raise an initial 75m, is still confident that the trust will start this year.

He says: “We still harbour ambitions to launch the vehicle around December but we will weigh up a number of options at our next meeting in a few weeks.”

BestInvest head of communications Justin Modray says: “With investment trusts, if you fail to reach your target at launch it can cause problems so it makes sense for Schroders to be cautious.”

Recommended

Postpone Hips says the CML

The implementation of Home Information Packs should be postponed until full evidence from research and the area trials are available, says the Council of Mortgage Lenders.In its response to the latest Government consultation on Hips, the CML says this evidence is required before an informed decision on the effectiveness of the scheme can be made.The […]

Webline adds online enhanced annuity quotes from GE Life

Webline has added online enhanced annuity quotes via its portal from provider GE Life allowing advisers to obtain instant enhanced annuity quotes for clients who have pre-existing medical conditions. Using the XML format designed specifically for online documents, advisers will now be able to capture full medical details of their client within the Webline platform. […]

Lloyds TSB ponders sale of Abbey Life

Lloyds TSB is considering selling Abbey Life after the company instructed its investment bankers to look into potential buyers.A sale of the insurance subsidiary, which contains about £12bn of closed life policyholder assets, could fetch up to £1bn according to analysts.Abbey Life has been closed to new business since 2000 and is expected to attract […]

PTA set for Budget revival

A document detailing the outcome of a meeting held with the Treasury and industry members suggests that pension term assurance could be completely revived in the Budget announcement.Money Marketing, which broke the story online last week, has seen extracts from the report of a meeting between Treasury officials and industry members which says: “It appears […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment