Ascentric launches first TEF to be marketed in UK

The fund, provided by Querns Asset Managers, is managed by former New Star managers Stephen Whittaker and Phil Roantree. Querns Income First has no initial charge and a low annual management charge of 0.75%. The fund's TEF status allows it to produce a high monthly income from a portfolio of UK equities and sterling corporate bonds without restrictions on asset allocation that affect traditional funds. TEFs, introduced in the 2009 Budget, became effective last September. For holdings in tax efficient wrappers such as an ISA or SIPP, the fund pays out dividends from stocks and interest...