Legal & General Investments Launches UK Equity Income Fund.
31 March 2011
Legal & General Investments has announced the launch of the Legal & General UK Equity Income Fund, managed by Richard Black.
The fund complements Legal & General Investments’ existing range of actively managed equity funds and aims to provide investors with income and capital growth over the long term by investing in UK equities. The fund will be available for investment from 31 March 2011 and aims to achieve an income in excess of the FTSE All-Share Index yield and to provide capital growth over the longer term.
Commenting on the UK Equity Income Fund, the Fund Manager Richard Black said: “The fund will aim to produce a sustainable income and capital growth through investment in UK equities by adopting a flexible investment approach, building on the UK equity team's proven and successful research and stock screening processes. The fund is also able to use a covered call strategy to boost the income potential of stocks with strong dividend yields but low capital growth potential.”
The fund will invest predominantly in the securities of companies domiciled in the UK or those which have a significant part of their activities in the UK but which are domiciled or quoted on a regulated market outside the UK.
Legal & General Investments Sales Director, Frank McGarry said: “Under the leadership of Robert Churchlow, our UK team has built an enviable track record in equity fund management. The addition of the UK Equity Income Fund to the range provides investors with a fund that can fully capitalise on opportunities as they emerge.”
He added: “The Equity Income Fund has been developed to strengthen our existing range of equity funds. The fund aims to provide an income in excess of the FTSE All- Share index yield and is designed to sit as a core holding in a balanced portfolio.”
The fund may use depositary receipts and derivatives both for efficient portfolio management and investment purposes and at times may use derivatives to produce additional income for the fund.
Investment is available through Legal & General (Unit Trust Managers) Limited as a unit trust only. At the beginning of the next tax year it will also be available as an ISA through Legal & General (Portfolio Management Services) Limited. The minimum investment is £500 and there is no maximum limit. Investment will also be available through all major IFA platforms as a unit trust or ISA.
The initial charge for retail investors is up to 5 per cent and the annual management charge is 1.5 per cent (deducted from capital). There is no initial charge for institutional investors with a minimum of £100,000 to invest and the annual management charge is 0.75 per cent.
Notes to editors
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
Legal & General Investments offers a range of unit trusts, including equity, fixed income, index tracking, commercial property, cash and asset allocation funds for professional advisers and wealth managers.
- Past performance is not a guide to future performance.
- The value of investments and any income from them can fall as well as rise and is not guaranteed.
- The value of any tax advantage will depend on individual financial circumstances and may be subject to change.
- The Legal & General Group is responsible for investing £365 billion worldwide (as at 31 December 2010) on behalf of investors, policyholders and shareholders.
- Investment is available through Legal & General (Portfolio Management Services) Limited as a unit trust and as an ISA. The minimum lump sum investment is £500, or £50 per month, there is no maximum limit for unit trust investments (standard ISA limits apply).
For more information please contact:
PR Manager, L&G Investments
t: +44 (0) 2031 242092
About Legal & General
Legal & General Group Plc.
One Coleman Street
Registered in England. Registered Number: 1417162.
Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.
© Legal & General Group Plc 2011
About Legal & General
Legal & General (Portfolio Management Services) Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 1009418.