Hargreaves puts sell notice on NU fund

Hargreaves Lansdown is recommending investors in the Norwich Union Monthly Income Plus fund switch into either Old Mutual Corporate Bond or Schroder Monthly Income. The Norwich Union fund has suffered from having exposure to the income shares of split-cap investment trusts. Fund manager Mark Gull said this has been the primary cause of underperformance and he has been unable to sell these shares because of the lack of liquidity in the market. Hargreaves recommends those that want exposure to investment grade bonds, but not the higher level of income, switch into the Old Mutual product. ...