Innovators in Pension Trusts, Trustees and Corporate Administrators

It is expected that the fund will close to new subscriptions once the target assets under management of £100m is achieved, which is expected to be towards the end of February/March 2010 based on current inflows. At which point an offshore version of the fund is expected to be launched which will be Guernsey Regulated and Domiciled.

The new fund will be able to pay income distributions gross of any tax, but all other aspects of the fund are expected to remain the same. It is envisaged that all members currently invested in the Series 1 Fund based in the UK will be automatically switched to the new fund without cost once it is launched.