Friends Ivory & Sime is withdrawing its ISIS Technology VCT with immediate effect in light of curr...
Friends Ivory & Sime is withdrawing its ISIS Technology VCT with immediate effect in light of current difficult market conditions.
All investors will receive a full refund of their subscriptions, which total £309,000, with interest.
The VCT was launched in October 2001, and was positioned to invest in technology-focused companies over the medium term.
John Yule, Director Sales, ISIS said: "Last year Friends Ivory & Sime raised over £74million in VCTs. This year the total market size currently stands at only £51million. We are operating in a much more challenging market environment than previous years and the decision to withdraw has not been taken lightly."
"Friends Ivory & Sime's other open VCT - Baronsmead VCT4, a generalist fund - opened in November 2001 and is progressing well," assured Yule.
ISIS is the retail investment brand of Friends Ivory & Sime.
More than £167,000 raised
Beware ‘temporary’ vulnerability
Partner Insight: A renewed focus on 'knowledge-intensive' companies should help investors realise that these entrepreneurial companies are found in sectors other than biotech or technology.
Celtic WM and Active Wealth