Octopus Asset Management has launched its second venture capital trust, the Phoenix VCT. Justin Jo...
Octopus Asset Management has launched its second venture capital trust, the Phoenix VCT.
Justin Jordan, who previously worked at Old Mutual with Ashton Bradbury on the group's UK Select Smaller Companies Trust, will manage the VCT.
The offer period ends at the start of May 2003, until which time all funds will be held in cash. After close, the fund will be solely invested in a diversified portfolio of Aim-quoted stocks with no scope to hold unlisted companies.
Jordan said: 'Of the profitable companies on Aim eligible for VCT investments, around 40% currently pay healthy dividends.'
The initial charge is set at 5%, with 2.25% intermediary commission on the initial and 0.375% trail. A discounted initial of 3% is available for share subscriptions received before 31 December. Minimum investment is £3,000 with a maximum level set at £100,000. Jordan will work alongside Stephen Hazell-Smith, who is to chair the VCT. Hazell-Smith previously worked at Close Investment, where he co-managed both the Close Brothers Aim VCT and Close Beacon Trust.
The fund will be actively marketed to intermediaries as a viable Isa alternative and the group has opened a free phoneline service explaining the tax benefits of VCTs.
Contact 0800 298 4471.
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