FIDELITY INTERNATIONAL, Britain's biggest retail fund manager, is preparing to launch its first new investment trust for ten years, reports the Times .
Fidelity is understood to be preparing plans for a trust specialising in emerging markets equities for a launch in the first half of next year, says the Times.
The trust would be the first significant move by Stephen Westwood, who was recruited from Henderson in April to lead and strengthen Fidelity’s investment trust business, which for years has played second fiddle to its unit trust side. The aim is to raise at least £80m to £100m in the London-listed vehicle. One possibility would be to float it on the lightly regulated junior market AIM.
FEARS OF another pensions mis-selling scandal prompted the Treasury to take avoiding action yesterday, says the Daily Telegraph.
New rules, which come into effect next April, will mean savers can obtain up to 40% tax relief on residential property - including holiday homes overseas - bought for self invested personal pensions (Sipps).
At present, no authorisation is required to sell Sipps. Norwich Union, Britain's biggest pension provider, warned last week it was worried about people being wrongly advised to transfer assets into Sipps.
But Charles Suchett-Kaye, a partner at City solicitors Reynolds Porter Chamberlain, warned regulation may not come quickly enough to stop people being misadvised about Sipps.
The Treasury consultation paper proposes regulating Sipps from April 2007 - one year after the new rules allowing property into Sipps take effect.
STANDARD LIFE’S long-suffering policyholders are likely to be offered shares in the flotation of the insurance giant next year, although who will actually qualify for the windfall is still believed to be open to debate, according to the Scotsman.
According to reports at the weekend, the shares will automatically be distributed to about 2.5 million holders of a with-profits insurance policy at the time of listing - expected to be next July. However, management is also understood to be considering whether to extend the windfall to members whose policies mature before that date.
Members are set to pick up windfall shares worth between £500 and £1,000 when the Edinburgh-based mutual lists next summer, in a flotation which analysts believe will value Standard Life at £4-6bn.
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