IMA launches UK Equity Income and Growth sector

The move follows fund manager concerns many companies will cut dividends next year, as first reported by Investment Week. The changes, which come into affect on 1 January 2009, will see the IMA remove all funds within UK Equity Income which fail its yield test based on the 12 months to 31 December 2008. Funds which fail to meet the definition (based on the yield criterion) will be offered a place within the newly created UK Equity Income and Growth sector, if they meet the definition, and will be permitted to retain their track record. Funds in other sectors may also apply to move to t...