Merrills protected fund offering 115% returns

Merrill Lynch International has brought out a protected product linked to the FTSE 100 index and offering investors a 115% return of capital. The Protected Bonus Plan, available for the 2003/04 Isa seasons, promises to return all initial capital invested and provide at least a minimum 15% return, even if the index falls over the six year life of the product. The final level of the index is calculated as its average during the final 12 months of the contract. If the FTSE rises investors will share 50% of any gains, up to a maximum of double the original outlay. For a £10,0...