View more on these topics

Williams de Broe housing trust axed as it falls short

Investment specialist Williams de Broe scrapped its First Housing

investment trust offer last week after marginally failing to raise

sufficient money for its capital shares.

The split-cap fund was already oversubscribed for its £22m offering

of income shares but its capital share subscription of £10.6m fell

around £2m short. After costs and charges had been taken into account,

the trust fell short of the London Stock Exchange minimum requirements for

investment trusts of £30m net assets at launch. It had also secured

around £29m of gearing.

Williams de Broe says it is looking at restructuring the fund for a purely

institutional market but says it is unlikely to set up another retail


Housing investment trusts were designed by the Conservative Govern-ment

five years ago to encourage investment in the residential property market.

However, the vehicle never took off due to its stringent investment rules,

which prevented managers from investing in properties worth more than

£125,000 in London and £85,000 elsewhere.

Williams de Broe corporate finance director Graham Lewinstein says: “It

could have been market conditions or it could have been all sorts of

factors. We were very close. We will be reviewing all our options next



Friends Ivory & Sime to launch new funds

Friends Ivory & Sime is set to launch two new fund of funds products later this year, in a bid to build its presence in the growing multi-manager market.The products are likely to be technology and green funds of funds.FI&S says it will look to launch the products once it has replaced its multi-manager team, […]

DSS facing the axe in Whitehall department shake-up

The DSS is set to be abolished if Labour secures a second term inGovernment, with pension policy likely to shift to a new department or eventhe Treasury. Speculation is mounting that there will be a reshuffle and rejigging ofGovernment departments, with reports that the DSS is will be replaced. Somebelieve it will be rolled into […]

Principality Building Society – Discount Option 4

Friday, 8 June 2001.Discounted term: Until August 31, 2006.Discount: 1.66 per cent until August 31, 2003, 0.66 per cent until August 31, 2006.Payable rate: 4.79 per cent until August 31, 2003, 5.79 per cent until August, 2006.Minimum loan: £5,000.Maximum loan: Up to 95 per cent of valuation subject to no maximum. Remortgages up to 90 […]

EMI eligibility

Having enjoyed (I hope) our detour from my consideration of share schemesto look at the Child Trust Fund and Saving Gateway, I would now like toreturn to the Enterprise Management Incentives scheme, the latestGovernment tax-incentivised scheme to encourage wider share ownership. In previous articles, I have looked at, among other things, the nature andextent of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm