Income levels cut back

Morgan Grenfell Asset Management is reducing the income yield on its High Income fund from 10% to 7.25% from 1 October. On the same day, the annual management fee will be reduced from 1.5% to 1.25%. Charges will continue to be deducted from income Trail commission for IFAs remains the same at 0.5% for Pep and Isa sales Jonathan Cook, managing director of Morgan Grenfell Investment Funds, said: "Government bond yields have fallen from 8.6% to about 5% over the past five years, and it is now clear that we are entering a period of low inflation with a relatively benign economic background. I...