Money-back option for 'misled' bond Pep pioneers

Article Abstract:

GT, the manager of a bond fund, has been told to contact investors and change its advertising for the company's High Yield Fund. The PIA, which regulates retail investment, wants the company to clarify risks to capital invested. Management charges come from capital, giving a higher yield but affecting capital performance. Investors who argue that they did not realise this since it was not adequately explained can be refunded. The PIA emphasises the importance of disclosure on calculation of yields.

GT Corp.

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New funds compromise on independence

Article Abstract:

UK investment trusts will have to have independent directors in a majority if they seek a new listing, in line with Stock Exchange regulations in force from Jan 1 1996. Open-ended investment companies (Oeics), which are similar to unit trusts, but more flexible, will not have to have a single independent director. The UK Treasury recommends that they use independent directors, but this has not been made compulsory after pressure from the fund management industry.

United Kingdom, Financial services industry, Financial services

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MG warned in June

Article Abstract:

Morgan Grenfell received a warning over possible irregularities involving three investment funds over three months prior to their suspension. A senior source from General Accident (GA) which was trustee to the funds, says that GA warned Morgan Grenfell. Morgan Grenfell then carried out an internal inquiry and did not discover a problem. Dealings in the funds were suspended due to concern over the valuation of unlisted securities that the funds have invested in.

Investment Banking and Securities Dealing, Investment Banking, Security brokers and dealers, Investment banks, Morgan Grenfell and Company Ltd.

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