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Baillie Gifford makes changes to Income fund
Baillie Gifford has announced that its Income fund will be renamed as a Global Income fund, and will be given a new objective to include global investments.
The fund managed Dominic Neary will target a higher yield than available from investment in global equities and achieve capital and income growth.
Ken Edwards, head of intermediary sales at Baillie Gifford, said: "This move is about meeting the needs of the long-term investor for real growth in capital and income.
"A globally invested portfolio offers greater diversification at a time when UK long-run real income growth is likely to lag behind global growth rates."
He added: "Emerging markets are a particularly interesting area for long-term income investors and one where we expect growth to exceed that of the rest of the world."
The firm said the fund will invest principally in equities worldwide, but may also invest in convertibles and fixed and floating rate debt instruments.
Between 1 March and 30 June 2010, class A shares of the Global Income Fund will be offered at a reduced initial charge of 3 per cent on intermediary sales and on direct sales to retail clients.
The initial charge on class B shares will also be waived on intermediary sales and direct to retail clients over the same period.
