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The Daley Update

Edinburgh Fund Managers is offering a 0.5 per cent discount on its UK Smaller Companies Oeic for the length of the Isa season. The offer will run from January 1 until the end of the tax year on April 5, and will reduce the fund&#39s initial charge to 3 per cent from 3.5 per cent. The discount will be available on lump sum Isa investments of £2,000 and over.

Legal & General has launched a new High Inc ome Trust, offering a running yield of 8 per cent. The fund will be run by the same management team as its Fixed Interest Trust. It is available as an Isa, and carries a minimum investment of £500 or £30 a month. There is no initial charge or exit fee within the Isa wrapper, although the fund does charge a 1 per cent annual management fee. IFA commission is either 1 per cent initial with no trail, or 0.25 per cent initial with a 0.25 per cent trail.

Hargreaves Lansdown has released its annual guide to Venture Capital Trusts. The four page brochure covers details of all current VCTs, as well as details of forthcoming launches before the end of the tax year. It also includes an overview of the sector by British Venture Capital Association chairman David Thorp.

Friends Ivory & Sime has appointed Gary Mairs as its new managing director of retail and institutional business. Mairs, 34, has been in charge of FI&S&#39s institutional business since its launch in 1998, but has been appointed to his new position to boost the firm&#39s presence in the retail market.

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