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The Daley Update

Scottish Value Management is targeting an Isa at the IFA market. The SVM UK growth, European growth, continental Europe, new economy and UK opportunities funds will all be available within the wrapper. Initial charge is 5 per cent. Annual management charge is 1.25 per cent. Initial com- mission is 3 per cent, with 0.5 per cent trail.

UBS Warburg is offering a split-capital investment trust incor- porating hedge funds. The fund will be managed by CGNU&#39s institutional arm Morley Fund Management and will only be available to retail investors through IFAs. It will be called the Morley absolute growth investment company (Magic).

Aberdeen Asset Man-agement is setting up a European fund, to be managed on a similar basis to its global champions fund. The European champions fund, due to launch next month, will be the second in range and is likely to be followed by similar UK and US funds.

Edinburgh Fund Managers head of UK retail Graham Campbell has joined Scottish Widows Investment Partnership. Campbell, who managed the Dunedin income & growth investment trust and UK growth unit trust, will take over as head of UK retail at Swip.

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