The annual management charge on the £275m Virgin Direct Income Bond fund is to be increased from 0.7...
The annual management charge on the £275m Virgin Direct Income Bond fund is to be increased from 0.7% to 1% when the group introduces a regular payment facility on the portfolio in February 2002.
Virgin has said the increase stems from the fact that it is opening the fund up to regular savers, noting that while a 0.7% charge on its traditional £6,000 lump sum business was cost-effective, charging 0.7% on £50 a month is not.
Meanwhile, the group is looking to increase the fund's corporate bonds exposure and geographical spread in an effort to reduce the risk profile. The portfolio will move from holding 22 UK-based bonds to holding between 40-50. These will have an average AA-rating.
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