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The Daley Update

Framlington is offering a 1 per cent discount on its UK growth trust until the end of October after the fund was awarded a AA rating by Standard & Poor&#39s Fund Services. The £68m fund, managed by Chris Murphy, is top quartile in the UK all companies sector over one, three and five years.

Fourteen funds lost their Standard & Poor&#39s ratings in its latest review of UK growth and smaller company funds. Gartmore UK smaller companies, JP Morgan Fleming UK growth & income and Jupiter special situations were three of the highest-profile downgrades, all losing their A ratings. However, 15 funds were awarded ratings for the first time, including ABN Amro&#39s UK Select Opportunities fund, which received a AAA rating.

JP Morgan Fleming Asset Management is offering a 2 per cent discount on its UK dynamic fund until the end of November. The discount, which applies only on investments of more than £5,000, will reduce the initial charge to 3.5 per cent from 5.5 per cent. Annual charge is 1.5 per cent.

M&G has seen a 19 per cent fall in sales over the first three quarters of 2001, to £704m from £870m in 2000. M&G says the fall was largely due to the rollover of a £105m exceptional loan note. Excluding this, the fall would have been 8 per cent. Sales of fixed-income products increased 15 per cent to £400m from £348m, accounting for 57 per cent of total sales.

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