Fidelity is extending the discount period for investors who want to transfer their Isa and Pep investments to the Sterling Bond Fund from 31 May to the 29 July 2005.
Investors are being offered a reduced initial charge of 3%, all of which will be commission. Advisers can therefore transfer clients at no initial charge for all Isa and Pep applications until the new date.
James Bampton, Head of Intermediary Sales at Fidelity: "The applications we have received in the initial launch period indicate that a significant proportion of advisers are taking the opportunity to review client portfolios at the start of the new tax year and part of this review has been focused on fixed income funds. A number of these funds have performed reasonably well over the past few years, but are now finding it tough in the current environment, so advisers are looking for a more flexible approach." Launched on 18 April 2005, the fund, which is managed by Ian Spreadbury, received a Standard & Poor's AA rating on launch.
With an annual charge of 1%, the funds initial charge after the special offer period will be 3.5% with a trail commission of 0.5%pa being added to the initial commission for advisers of 3%. The minimum lump-sum contribution for the fund is £1,000.
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