Second venture capital trust for Octopus

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.' ...