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Stargate EIS funds come under fire

Stargate Capital Management has come under fire for promoting two EIS funds as inv-esting in women-owned businesses and film but which only provide 28 per cent exposure to these investments.

Stargate’s Trapezia EIS is billed as an altruistic investment, investing in “women’s intuition”, while its MagicGate EIS is marketed as a “new vision for British film finance”.

Capital protection is opt-ional but Stargate managing director Paresh Shah says the company is budgeting for all investors opting for this. Those choosing capital protection see 68 per cent of their investment placed into a portfolio of A-rated bonds, with 28 per cent invested in the EIS and the rem-ainder swallowed up in charges.

Tax Efficient Review editor Martin Churchill says: “It is a misnomer to call it a film EIS because the majority of the money goes into a structured product.”

Shah says: “The info is set out in the memoranda and capital protection is optional.”


9% Increase in households’ average disposable wealth

UK households’ average disposable wealth has risen by 9 per cent since last year, according to marketing database specialist KDB. The firm says the average disposable wealth was 38,909 in September compared with 35,824 in September 2004. KDB defines disposable wealth as liquid assets which consumers can readily call on. There are three components among […]

The best of wealth

Butterfield Bank Guernsey managing director Robert Moore talks to Philip Scott about its plans to market itself to the globally defined intermediary market, maintain its client focus and the challenges that the bank faces

‘Equitable bill to top 40m’

Equitable Life’s legal bill is likely to top 40m – 10m more than the society has publicly stated, according to the Equitable Members’ Action Group. The company’s entire legal challenge – which previously included a 3.7bn claim against former auditor Ernst & Young and a 1bn claim against 11 former directors – is now reduced […]

Financial Express revamps online fund analysis service

Financial Express has relaunched Trustnet Adviser, its fund research and analysis service, with extra tools anda new look. FE says the free online service for advisers has been updated to meet the changing needs of the depolar- ised market. New tools include portfolio scanner, which allows advisers to analyse a port- folio of funds and […]


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