Dresdner to change fund objectives

Dresdner RCM is to change the mandate of its European Privatisation unit trust, formerly Kepit, to a...

Dresdner RCM is to change the mandate of its European Privatisation unit trust, formerly Kepit, to a continental European index tracker, writes Jane Wallace. The company is sending letters to unitholders and IFAs this week to ask for a vote on the change in investment objective. If passed, the fund will change its mandate on 20 August. Nick Hodgson, sales and marketing director at Dresdner RCM, said: "We have decided that it is inappropriate to continue to offer the trust. Like the Mepit board, we have decided that in isolation, the privatisation story is not strong enough on its own. It...