Albion teams up with Close Bros

Albion Ventures and Close Asset Management have teamed up to market their latest fundraisings.

These consist of Albion Development VCT, Close Trading Companies and the Freehold Income Trust which will be marketed to investment advisors at a series of roadshows. A new fund launch from Close will also be marketed.

The D Share issue of Albion Development VCT is the first fund raising by Albion since it acquired Close Ventures in January of this year. Albion announced in June that it is looking to raise £25m for the share.

Managing partner of Albion Ventures, Patrick Reeve said: “It makes sense for us to team up with Close as IFAs will be able to review three or four different investment strategies that either mitigate tax, allow asset diversification or both, which is attractive in the current economic and tax environment.”

Albion was created in January 2009 when it acquired the business of Close Ventures Limited from Close Brothers Group plc and is structured as a partnership formed by the former Close Ventures management team. It manages seven VCTs worth £200m and claims to have returned more money to investors than any other VCT manager – £81m in total.