Non-Ucits fund of funds retain Isa/Pep status

Non-Ucits fund of funds (Fof) that invest in a combination of old-style Ucits funds and new Ucits II...

Non-Ucits fund of funds (Fof) that invest in a combination of old-style Ucits funds and new Ucits III funds, will no longer lose their Pep and Isa status for doing so, following revisions by the Inland Revenue. This resolves the issue of Fofs not being able to hold some of the biggest fund manager names, who are set to, or already have, converted their fund ranges to the new Ucits III model. However, the types of new Ucits funds that non-Ucits Fof can invest in will only be those that hold direct equities, not mixed funds investing in derivatives, cash and property.