Britannic is to change the name of its Gilt & Fixed Interest unit trust to the Corporate Bond fund l...
Britannic is to change the name of its Gilt & Fixed Interest unit trust to the Corporate Bond fund later this year, writes David Griffiths.
The change is meant to better reflect the fund's underlying holdings and investment objectives.
Francis Ghiloni, sales and marketing director at Britannic, said: 'At the moment although the fund does invest in gilts, they are only a tiny proportion of the portfolio.
'A number of intermediaries that we have spoken to have told us that they have not considered investing in the product because they saw the word gilt in the title.'
The name change, he said, is timed to coincide with the retail administration consolidation process Britannic is currently engaged in. 'This fund has been doing very well and we're looking to promote it later this year. This is a cosmetic change that won't affect fund strategy at all,' he added.
Britannic has raised the intended £400m from its investment trust offering, the Britannic UK Income trust.
The £75m worth of guaranteed income shares that were distributed through intermediaries sold out within days of the trust's launch.
Ghiloni said: 'I am delighted by the success of the trust's launch. This is a unique and innovative product, which quickly sold out.'
He ruled out the launch of any products in a similar vein later this year.
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