Financial Times Weekend 22-23Feb2020

(Dana P.) #1

4 | FTMoney FINANCIAL TIMESSaturday22 February 2020


NEWS


KATHARINE GEMMELL


National Savings & Invest-
ments, the state-backed sav-
ings provider, will slash the
chances of winning a cash
prize on Premium Bonds and
reduce interest rates across its
fixed and variable savings
products.
Nearly 175,000 cash prizes
will be removed from its
monthly draw from May,
reducing the effective interest
ratefrom1.4to1.3percent.
In a further blow to savers,
Marcus and Saga cut interest
rates on two of the UK’s top-
paying easy access savings
accounts to 1.3 per cent. The
lower rates will apply immedi-
ately to new account openings,
and to existing customer
accountsfromMarch10.
The bad news was com-
pounded by UK inflation
hitting a six-month high of 1.8
per cent on Wednesday, mean-
ing money saved in the vast
majority of interest-paying
accounts is going backwards in
realterms.
“Savers will find their cash
in an instant access account is
in fact eroding as not one easy
access account can beat 1.8
per cent today,” said Rachel
Springall, finance expert at
Moneyfacts, the comparison
website. She said the only


accounts able to beat this rate
were fixed rate savings bonds
where savers would have to tie
up their money for more than
ayear.
“As we have seen many
times before, it only takes a
few top deals to be cut within
the easy access market to
spark a domino effect on the
restofitssector,”sheadded.
About 25m Britons hold sav-
ings products with NS&I,
which are fully backed by the
UK Treasury. UK adults can
hold up to £50,000 each in
Premium Bonds, and any
prizesaretaxfree.
NS&I blamed the changes
on “exceptionally low gilt
yields” following a global bond
marketrally.
Although the two £1m Pre-
mium Bond jackpot prizes will
remain, the number of £100
and £50 prizes in the monthly
Premium Bond prize draw will
be halved. Savers will only
have five chances of winning
£100,000, and the numbers of
prizes worth £50,000,
£25,000, £10,000 and £5,000
haveallbeenreduced.
Currently,theoddsofany£1
bond number winning any
prize is one in 24,500. This will
decrease to one in 26,000 after
thechangesareimplemented.
NS&I said interest rates
would also be cut across its
savings range, including Guar-
anteed Growth and Income
Bonds, the Direct Saver,
Investment Account and
IncomeBonds.

CustomersinvestinginNS&I
products are lending to the UK
government, which pays them
interest and guarantees 100
per cent security on all depos-
its. Yet by offering favourable
ratestoprivatesavers,thegov-
ernment is effectively paying
overtheoddsonpartofitsbor-
rowings, compared to the cost
of raising money via the public
bond markets which are domi-
nated by pension funds, insur-
ersandotherlargeinvestors.
IanAckerley,chiefexecutive
of NS&I, said the changes
reflected NS&I’s requirement
“to strike a balance between
the needs of our savers with
taxpayers, and the stability of
the broader financial services
sector”.
“Reducing interest rates is
always a difficult decision,” he
added. “We need to ensure our
interest rates are set at an
appropriate position against
thoseofourcompetitors.”
Last September, NS&I with-
drew some of its most popular
retail savings bonds after
record-breaking rallies in debt

markets.SarahColes,personal
finance analyst at Hargreaves
Lansdown, said the move was
“yet another blow for loyal
NS&I savers, who treasure the
fact their savings are 100 per
cent guaranteed by the gov-
ernment and have lived with
increasingly uncompetitive
rates in order to stick with the
institution”.
Premium Bonds are not the
only option for savers
attracted by a prize draw. This
week saw the launch of
Nationwide’s new Start to Save
account, which pays 1 per cent
interest, but offers those who
save regularly for three
months the chance to win a
cashprizeofupto£100.
Halifaxalsooffersamonthly
prize draw for customers who
hold£5,000ormoreofsavings
in qualifying accounts. There
are three monthly prizes of
£100,000, plus 100 savers will
win£1,000andafurther1,500
willget£100.

Additional reporting by Leke Oso
Alabi

NS&I slashes


prizes on


Premium Bonds


Source: NS&I

Value of prizes

Number of prizes
in May 
(estimate)

Number
of prizes
in Feb 

Value of Premium Bonds prizes


£

£

£

£

£

£

£

£

£

£

£













































SAVINGS


Bad week for savers as


top-paying accounts


cut their interest rates MADISON DARBYSHIRE


Interactive Investor, the UK’s
second-biggest consumer
investment platform, is set to
acquire The Share Centre, a
competitor, in a deal that
would boost its assets under
managementto£36bn.
The boards of the two com-
paniesannouncedthetermsof
the £62m acquisition in a
stock exchange announce-
mentonMonday.
Interactive, which is major-
ity owned by US private equity
firm JC Flowers, has offered to
acquire shares in its smaller
Aim-listed rival at a 41 per
cent premium to Friday’s clos-
ingpriceof29p.
The offer is subject to share-
holder, regulatory and legal
approvals, but is supported
by the Share Centre’s founder
and executive chairman,
Gavin Oldham, his family and
associated trusts that make
up nearly 69 per cent of the
shareholder’sregister.
The Share Centre is the UK’s
eighth-largest platform. It
wrotetocustomersonMonday
saying it expected that any
deal would take six months to
be approved and, after that, “a
further 12 months to combine
thebusinessesintoone”.
The letter did not address
future changes to its fee
structure, but stated that
the combined business

Interactive


Investor swoops


for Share Centre


would “provide even better
valueforcustomers”.
Interactive Investor charges
investors flat fees for its serv-
ices, and is a growing rival to
Hargreaves Lansdown, the
market leader. It has more
than 300,000 customers and
manages more than £30bn of
assets.
In a statement, Interactive
said that the deal would create
a group of “greater scale and
capability to grow... and best
serve its customers in an
increasingly technology-
driven and competitive envi-
ronment.”
“Direct-to-consumer plat-
forms require scale to sustain
the level of profitability neces-
sary for significant and ongo-
ing technology investment in
customerexperienceandserv-
ices,”itsaid.
Interactive acquired Alli-
ance Trust Savings in a £40m
dealinOctober2018.
RichardWilson,chiefexecu-
tive of Interactive Investor,
said: “Combining our individ-
ual strengths brings further
scale and the opportunity
to deliver enhanced value,
service and customer experi-
ence to an enlarged customer
base.”
Mr Oldham added: “Our
shareowners, employees and
customers are well aware of
my passion for egalitarian cap-
italism, not only right across
society but across generations.
We have to grow significantly
in order to achieve this, not
only in profitability but also in
scaleandinsubstance.”

INVESTMENT
Tie-up would create
the UK’s second-
largest platform

LEKE OSO ALABI


The number of people claim-
ing pension credit, an income
top-up for the poorest people
in retirement, fell by nearly
100,000 over the past year,
prompting calls for the gov-
ernment to do more to boost
takeupofthebenefit.


The Department for Work
and Pensions (DWP) said 1.6m
people received pension
credit in August 2019, down
94,000onthepreviousyear.
Pension credit is a means-
tested benefit paid to people


on low incomes who are over
state pension age (currently
65,butrisingto66).
Nearlytwo-thirdsofcurrent
claimants are women. Com-
plexity over entitlement to
pension credit, plus confusion
about the increase in the state
pension age have led to fewer
peopleclaimingthebenefit.
“There is a persistent prob-
lem that many of those who
retired and find themselves
struggling for income are
not claiming the state support
they are entitled to,” said
Stephen Lowe, group commu-

nications director at Just
Group,theinsurer,addingthat
“take-up rates have not
improvedinrecentyears”.

“We like to think that state
benefits reach those who need
them most, but this is clearly
not the case with pension

credit. This is the third annual
decline in the number of
claimants and marks a drop
fromalmost2msince2016.”
Pension credits are made up
of the guarantee credit and the
savings credit. The guarantee
credit tops up the weekly
income of pensioners when it
falls below £167.25 for single
people and £255.25 for cou-
ples. Savings credit is an addi-
tional payment for people in
retirement who have saved
some money towards their
retirement.
However, the complexity of

the benefits system has led to
confusionovereligibility.
GuyOpperman,ministerfor
pensions and financial inclu-
sion, said: “We’re keen to
get the message out there that
everyone should claim the
benefits they’re entitled to
and I would encourage anyone
that thinks they might
benefit from pension credit to
check.”
According to research from
Just Group, two-thirds of
homeowner retirees failed to
claim full benefit entitlements
in2019.

Government challenged over falling take-up of Pension Credit


Take-up of
pension
credit was
down by
94,000 in
August
2019,
compared
with a year
before— Getty

FINANCIAL TIMESSaturday 22 February 2020 FTMoney| 13

MANAGED FUNDS SERVICE


Fund Bid Offer D+/- Yield

Aberdeen Standard Capital (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund £2.1051 - -0.01391.90
Global Equity Fund £2.8864 - -0.02941.15
Global Fixed Interest Fund £0.9991 - 0.00093.79
Income Fund £0.6261 - -0.0033 -
Sterling Fixed Interest Fund £0.9105 - 0.00082.95
UK Equity Fund £2.1296 - -0.00813.57

Algebris Investments (IRL)
Regulated
Algebris Core Italy I EUR Acc €116.53 - 1.22-
Algebris Allocation Fund - Class I EUR€105.07 - 0.03 0.00
Algebris Core Italy Fund - Class R EUR€109.50 - 1.15 0.00
Algebris Financial Credit Fund - Class I EUR€174.19 - -0.110.00
Algebris Financial Credit Fund - Class R EUR€152.44 - 0.07 0.00
Algebris Financial Credit Fund - Class Rd EUR€106.68 - 0.05 5.02
Algebris Financial Income Fund - Class I EUR€154.12 - 0.15 0.00
Algebris Financial Income Fund - Class R EUR€143.80 - 0.13 0.00
Algebris Financial Income Fund - Class Rd EUR€ 98.11 - 0.09 4.72
Algebris Financial Equity Fund - Class B EUR€119.36 - -0.160.00
Algebris Macro Credit Fund - Class I EUR€119.07 - 0.19 0.00
Algebris Macro Credit Fund - Class R EUR€117.29 - 0.18 0.00
Algebris Macro Credit Fund - Class Rd EUR€117.29 - 0.18 0.00
Algebris Quant Arbitrage Fund - Class EB EUR€ 99.97 - 0.12 0.00
Algebris IG Financial Credit R EUR Acc€102.98 - 0.06-
Algebris IG Financial Credit B EUR Acc€103.22 - 0.06-

The Antares European Fund Limited
Other International
AEF Ltd Usd $660.05 - -20.64 -
AEF Ltd Eur €619.92 - -19.770.00

Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited$ 9.84 - -0.04 -
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares$100.26 - -0.39-
Arisaig Asia Consumer Fund Limited$ 99.63 - -0.49 -
Arisaig Global Emerging Markets Consumer Fund$ 12.61 - -0.07 -
Arisaig Global Emerging Markets Consumer UCITS€ 15.00 - -0.09 -
Arisaig Global Emerging Markets Consumer UCITS STG£ 15.97 - 0.01-
Arisaig Latin America Consumer Fund$ 28.27 - -0.33 -

Fund Bid Offer D+/- Yield

Artemis Fund Managers Ltd (1200)F (UK)
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis Capital R ACC 1732.43 - -7.02 -
Artemis Corporate Bond I Acc £ 1.04 - 0.00 -
Artemis European Growth R Acc 343.88 - -4.84 -
Artemis European Opps R Acc 109.02 - -1.21 -
Artemis Global Emg Mkts I GBP Acc 140.94 - -2.51 -
Artemis Global Emg Mkts I GBP Dist 127.85 - 0.64 -
Artemis Global Growth R Acc 287.20 - -3.50 -
Artemis Global Income R Acc 130.58 - -1.72 -
Artemis Global Income R Inc 91.09 - -1.20 -
Artemis Global select R Acc 129.11 - -1.36 -
Artemis High Income R Inc 75.90 - -0.01 -
Artemis Income R Acc 466.98 - -1.45 -
Artemis Income R Inc 231.02 - -0.72 -
Artemis Monthly Dist R Acc 97.49 - -0.313.90
Artemis Monthly Dist R Inc 71.03 - -0.234.06
Artemis Pan-Euro Abs Ret GBP 111.16 - -0.69 -
Artemis Strategic Assets R Acc 78.43 - -0.39 -
Artemis Strategic Bond R M Acc 102.21 - 0.06 -
Artemis Strategic Bond R M Inc 57.83 - 0.04 -
Artemis Strategic Bond R Q Acc 102.39 - 0.06 -
Artemis Strategic Bond R Q Inc 57.86 - 0.03 -
Artemis Target Return Bond I Acc£ 1.01 - 0.00 -
Artemis UK Select Fund Class R Acc 606.84 - -0.732.20
Artemis UK Smaller Cos R Acc 1900.28 - 4.62 -
Artemis UK Special Sits R Acc 649.13 - -0.65 -
Artemis US Abs Ret I Acc 115.96 - -0.230.25
Artemis US Ex Alpha I Acc 261.43 - -2.780.02
Artemis US Extended Alpha I Hedged Acc 172.75 - -0.98 -
Artemis US Select I Acc 256.67 - -3.05 -
Artemis US Select I Hedged Acc 181.50 - -1.06 -
Artemis US Select I Inc 227.19 - -2.70 -
Artemis US Smllr Cos I Hdg Acc 118.93 - -0.24 -
Artemis US Smlr Cos I Acc 272.03 - -2.20 -

Ashmore Investment Management Limited(LUX)
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund$ 98.20 - 0.02 -
Ashmore SICAV Emerging Market Frontier Equity Fund$170.18 - 0.47 1.36
Ashmore SICAV Emerging Market Total Return Fund$ 84.94 - -0.20 -
Ashmore SICAV Global Small Cap Equity Fund$155.07 - -0.040.03
EM Active Equity Fund Acc USD $138.98 - -2.06 -
EM Equity Fund Acc USD $114.03 - -1.16 -
EM Mkts Corp.Debt USD F $ 94.63 - 0.11 -
EM Mkts Loc.Ccy Bd USD F $ 79.81 - -0.42 -
EM Short Duration Fund Acc USD$132.68 - -0.20 -

Fund Bid Offer D+/- Yield

Atlantas Sicav (LUX)
Regulated
American Dynamic $5584.965584.96113.38 -
American One $5471.385471.3887.50 -
Bond Global €1591.751591.759.78 -
Eurocroissance €1251.341251.3418.68 -
Far East $974.05 - 0.46 -

Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds
Sterling Bond F £ 0.50 - 0.00 2.34

Brown Advisory Funds plc (IRL)
http://www.brownadvisory.com Tel: 020 3301 8130
FCA Recognised
Global Ldrs Sst C USD Acc $ 10.76 - -0.07 -
Brown Advisory US Equity Growth Fund USD B$ 45.48 - -0.210.00
Brown Advisory American Fund USD B$ 26.87 - -0.050.16
Brown Advisory US Smaller Companies Fund USD B$ 31.89 - 0.00 0.00
Brown Advisory US Small Cap Blend Fund USD B$ 19.30 - 0.00 0.00
Brown Advisory US Flexible Equity Fund USD B$ 19.53 - -0.040.00
Brown Advisory Global Leaders Fund USD C$ 17.87 - -0.12 -
Brown Advisory Latin American Fund USD B$ 13.95 - -0.160.78
Brown Advisory US Sustainable Growth Fund USD C$ 18.35 - -0.140.00
Brown Advisory US Mid-Cap Growth Fund USD C$ 16.82 - -0.04 -

CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
Diversified Income 1 Units GBP Inc£ 1.65 1.65 0.00 -
Diversified Income 2 Units GBP Inc£ 1.59 1.59 0.00 -
Diversified Income 3 Units GBP Inc£ 1.59 1.59-0.01 -
The Public Sector Deposit Fund
The Public Sector Deposit Fund-share class 1 F * 100.00 - 0.00 0.78
The Public Sector Deposit Fund-share class 4 F * 100.00 - 0.00 0.71

CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
CBF Church of England Funds
Investment Inc 1999.132008.1511.172.94
Investment Acc 4705.114726.3326.290.00
Global Equity Inc 237.11237.481.06 -

Fund Bid Offer D+/- Yield
Global Equity Acc 407.75408.371.84 -
UK Equity Inc 196.67197.160.99 3.20
UK Equity Acc 340.22341.061.72 0.00
Fixed Interest Inc 166.42167.20-0.873.94
Fixed Interest Acc 599.19602.00-3.150.00
Property Fund Inc 134.46138.960.18 -

CCLA Fund Managers Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts
COIF Charity Funds (UK)
Investment Inc 1768.921776.9011.463.03
Investment Acc 19664.1019752.79127.440.00
Ethical Invest Inc 271.51272.741.77 3.11
Ethical Invest Acc 405.54407.372.65 0.00
Global Equity Inc 223.16223.501.97 3.13
Global Equity Acc 387.85388.443.42 -
Fixed Interest Inc 140.02140.680.10 3.16
Fixed Interest Acc 929.58933.940.69 0.00
Property Inc 115.04118.900.11 -
Local Authorities Property Fd (LAMIT) (UK)
Property 296.87321.90-0.744.81

CG Asset Management Limited (IRL)
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
FCA Recognised
CG Portfolio Fund Plc
Absolute Return Cls M Inc £127.75127.750.24 -
Capital Gearing Portfolio GBP P £34833.8834833.8876.56 -
Capital Gearing Portfolio GBP V £169.40169.400.37 -
Dollar Fund Cls D Inc £165.44165.441.30 1.96
Dollar Hedged GBP Inc £100.83100.830.21 1.88
Real Return Cls A Inc £201.16201.161.45 2.23

Candriam Investors Group (LUX)
FCA Recognised
Candriam Eqts L Australia Cap A$1550.08 - -5.250.00
Candriam Qt-Eqts Europe Cap €2859.03 - -23.750.00
Candriam Qt-Eqts USA Cap $3609.05 - -15.14 -

Candriam Investors Group
Other International Funds
Candriam Eqts L Emerging Mkts Cap€917.28 - -11.75 -
Candriam Bonds Credit Opportunities€201.22 - 0.02 0.00
Candriam Bds Euro High Yield Cap€1214.98 - 0.52 -
Candriam Bds Euro Sh.Term Cap €2090.87 - 0.09 0.00

Chartered Asset Management Pte Ltd
Other International Funds
CAM-GTF Limited $287558.23287558.231726.05 -
CAM GTi Limited $723.81 - 6.02 0.00
Raffles-Asia Investment Company$ 1.40 1.40-0.032.14

Fund Bid Offer D+/- Yield

Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund (M)€144.16 - -0.70-
price updated (D) daily, (W) weekly, (M) monthly

Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Stuart House, St John's Street, Peterborough, PE1 5DD
Dealing & Client Services 0345 850 8818
Authorised Inv Funds
Consistent UT Inc 54.14 55.680.01 2.25
Consistent UT Acc 144.30148.500.00 2.25
Practical Investment Inc 246.30263.60-1.102.97
Practical Investment Acc 1379.001476.00-6.002.97

CP Global Asset Management Pte. Ltd.
http://www.cpglobal.com.sg, Tel: +65 6466 6990
International Mutual Funds
CP Multi-Strategy Fund $213.94 - 2.72-

CP Capital Asset Management Limited
http://www.cpgbl.com, email: [email protected]
International Mutual Funds
CPS Master Private Fund $292.44 - 3.05-
CP Global Alpha Fund $241.30 - 2.63-

DWS (LUX)
Tel: +44 (0) 20 7541 8999 http://www.dws.com
FCA Recognised
DWS Invest Top Dividend £148.28148.280.80-
DWS Invest Top Euroland £147.97147.971.20-
DWS Invest Multi Opportunities £109.47109.470.11-
DWS Invest Global Bonds £104.59104.590.08-

Fund Bid Offer D+/- Yield

Dodge & Cox Worldwide Funds (IRL)
6 Duke Street,St.James,London SW1Y 6BN
http://www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class € 15.60 - 0.02-
EUR Accumulating Class (H) € 10.96 - -0.01 -
EUR Distributing Class € 12.57 - 0.01-
EUR Distributing Class (H) € 8.81 - 0.00 -
GBP Distributing Class £ 12.85 - 0.03-
GBP Distributing Class (H) £ 9.26 - 0.00 -
USD Accumulating Class $ 12.14 - -0.01 -
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 23.85 - -0.08 -
GBP Accumulating Share Class £ 30.46 - 0.00 -
GBP Distributing Share class £ 21.21 - 0.00 -
EUR Accumulating Share Class € 33.20 - -0.05 -
GBP Distributing Class (H) £ 11.96 - -0.041.43
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 29.87 - 0.01 0.00
GBP Accumulating Share Class £ 36.08 - 0.13 0.00
GBP Distributing Share Class £ 22.22 - 0.08 0.91
EUR Accumulating Share Class € 35.91 - 0.08 0.00
GBP Distributing Class (H) £ 12.82 - 0.01 1.02

Dragon Capital Group
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: [email protected]
Other International Funds
Vietnam Equity (UCITS) Fund A USD$ 21.34 - 0.12 0.00

EdenTree Investment Management Ltd (UK)
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Authorised Inv Funds
Amity UK Cls A Inc 258.80 - 1.10 -
Amity UK Cls B Inc 258.00 - 1.10 -
Higher Income Cls A Inc 132.60 - 0.20 -
Higher Income Cls B Inc 139.50 - 0.20 -
UK Equity Growth Cls A Inc 317.70 - 2.20 -
UK Equity Growth Cls B Inc 324.30 - 2.30 -

The fund prices quoted on these pages are supplied by
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Details of funds published on these pages, including
prices, are for the purpose of information only and should
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The sale of interests in the funds listed on these pages
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Data collated byMorningstar. Telephone+ 44 (0)20
3194 1455. For other [email protected].
The fund prices published in this edition along with
additional information are also available on the Financial
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The funds published on these pages are grouped
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Prices are in pence unless otherwise indicated. The

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Guide to pricing of Authorised Investment Funds
(compiled with the assistance of the IMA. The Investment
Management Association, 65 Kingsway, London WC2B
6TD. Tel: +44 (0)20 7831 0898.)
OEIC:Open-Ended Investment Company. Similar to a
unit trust but using a company rather than a trust
structure.
Share Classes:Separate classes of share are denoted
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Different classes are issued to reflect a different currency,
charging structure or type of holder.
Buying price:Also called offer price. The price at which
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manager’s initial charge.
Selling price:Also called bid price. The price at which

units in a unit trust are sold by investors.
Single price:Based on a mid-market valuation of the
underlying investments. The buying and selling price for
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are the same.
Exit Charges:The letter E denotes that an exit charge
may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
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manager’s/operator’s name is the valuation point for their
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The symbols are as follows:✠0001 to 1100 hours;♦
110 1 to 1400 hours;▲1401 to 1700 hours;#1701 to
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The managers/operators must deal at a forward price
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