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Two Oeics for Johnstone

Murray Johnstone is launching its first two onshore Oeics, including a portfolio and fixed-interest fund.

The Murray Portfolio Fund will be an actively managed service aimed at relatively wealthy investors and will be fully Pepable.

The Murray Gilt Fund, which invests in medium-dated fixed-interest stocks, aims to offer security of capital and an above-average level of income from medium-dated gilts.

Managing director Richard Elliott Lockhart says: "As an Oeic, all Murray Portfolio&#39s underlying investments portfolio can be traded free of capital gains tax, an often forgotten attraction of pooled inv- estment funds."

Minimum lump-sum investment for the portfolio fund is £5,000 or £200 a month.

The gilt fund has a current estimated annual yield of 6.07 per cent. Income will be paid quarterly. Minimum investment is £500 lump sum or £30 a month.

Charges on the portfolio fund are 4 per cent initial plus 1.5 per cent annual. Commission is 3 per cent initial and renewal of 0.5 per cent.

The gilt fund has a 3 per cent initial charge plus 0.75 per cent annual. Commission is 2 per cent initial and 0.25 per cent renewal.

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