Star managers ineligible for Fofs under Ucits rules

ucits III

portfolios run by manager's Russell, Buxton, Woodford and guy among those affected

Four of the most popular UK funds will become ineligible for investment by funds of funds (Fofs) if the Inland Revenue rules on Isas and Pep remain unchanged. The rules as they stand will lead to the exclusion of Tim Russell's Cazenove UK Growth & Income fund, Roger Guy's European Select Opportunities, Richard Buxton's Schroder UK Alpha fund and Neil Woodford's Invesco Perpetual UK Income fund from Fofs wishing to have Isa status. The three funds have combined assets of almost £3bn. As most mainstream Fofs already have Isa or Pep status, groups will have to unwind existing holdings if the...