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The Daley Update

Equity & bond inc-ome manager Patrick Harrington is moving to Henderson

after 12 years at M&G. He will head the UK equity income desk, working

alongside head of retail Richard Prew, who was recruited from Norwich Union

at the end of last year. M&G&#39s Richard Placket will take over the extra

income portfolio while Richard Hughes will be responsible for Charifund.

Neville James has introduced a new commission structure offering up to 4

per cent initial with 0.5 per cent trail on zero preference and secure

capital growth funds. The SCG fund has the option of up to 5 per cent

initial for those not taking trail. On the with-profits plus fund, IFAs

taking 0.5 per cent trail can take up to 3 per cent initial while those not

taking trail can get 5 per cent.

Invesco Perpetual is to launch a new aggressively managed UK unit trust

next week, to be run by star managers Stephen Whittaker and Ed Burke. The

UK aggressive fund will aim to double money over a three-year period.

Initial charge of 5.26 per cent and annual 1.5 per cent. Commission is 3

per cent initial with 0.5 per cent trail. Minimum investment is £1,000.

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