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Special sits star Hargreave to run Aim VCT for Keydata

Keydata Investment Services is offering a venture capital trust later this year under the stewardship of Giles Hargreave, star manager of the Marlborough special situations fund.

The VCT will launch in September with a provisional maximum subscription of £30m. The product is Key-data&#39s first VCT and will invest in Aim-listed companies. Manager Hargreave has a strong record in this area, having steered the Marlborough fund to a return of 261 per cent over the past five years. The UK smaller companies sector has returned 39 per cent over the same period.

Keydata says it is setting up the VCT to take advantage of new rules doubling tax relief to 40 per cent and the maximum investment level to £200,000. It says it will have a robust strategy for managing the discount and a charging structure similar to that of investment trusts, which are typically cheaper than VCTs.

Hargreave says: “The sector has fallen under the spotlight since the announced changes to the tax regime and I am sure that investor interest in an area that creates excellent opportunities for value will be increased.”


Open Annuities wins £10m case

Gibraltar-based annuity provider Open Annuities has seen its busiest month ever during May and attracted a £10m case – the largest in the company&#39s history. The Open Annuities product allows wealthy individuals to pass their pension funds, less inheritance tax, to their estates on death after age 75. Open Annuities chief executive Ken Wrench says: […]

HBOS sees mortgage share fall below 20%

HBOS saw its mortgage market share slip below 20 per cent in the first six months of this year after it tightened lending criteria to adjust to higher interest rates. The group says that, as intended, its policy of tightening lending criteria as interest rates rise is resulting in slower asset growth. In mortgages, this […]

Axa aims for principal role with panel of 40

Axa is to become a mortgage principal for its tied advisers and others searching for a principal after FSA regulation starts on October 31. The company last year set up Axa Mortgage Solutions, which allowed its tied salespeople to conduct mortgage business. Axa is following rival insurers Legal & General and Friends Provident in setting […]

Two out of three investors want IFAs to discuss ethical funds

Two investors in three would like to see their money invested in a socially responsible manner according to a MORI poll for Stewardship Growth, an ethical investment fund for private investors. The poll has found 65 per cent of investors want IFAs to start taking the initiative and ask their clients if they wish to […]

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


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