Matrix Securities, sponsors of the forthcoming TriFund VCT, may delay launching the product until th...
Matrix Securities, sponsors of the forthcoming TriFund VCT, may delay launching the product until the next tax year after disappointing share sales in the tail end of 2001.
Bridget Cleverly, marketing director at Matrix, said a decision would be taken in the near future. A launch in this tax year was by no means certain, she said, as supply of VCTs was far outstripping demand, with supply running at about £300m and actual investments at £20m. TriFund VCT, a multimanager trust, will be split equally between technology, generalist and Aim exposure.
'Sales of VCTs have been poor this year,' she added. 'In actual fact, one of our products, the Unicorn VCT, accounts for 41% of all VCT sales this year, with share sales of £8.9m.'
Cleverly believes there are two reasons for the fall in sales. First, VCTs have tended to be sold as tax products rather than investments by advisers, and second there appears to be an investors strike going on at the moment. Recent falls in the stock market have meant fewer investors have capital gains to invest in tax advantageous products such as VCTs, she said.
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