Guardian Lux income fund attracts early support

Investing in a diversified portfolio of building society permanent interest bearing shares (PIBS), the fund opened for investment at the beginning of August, since when it has been backed by groups of intermediaries. The overall size of the appropriate PIBS market limits the fund size to £220m to £250m. The initial holdings in the fund's portfolio on launch day will be weighted towards the largest and strongest societies. Paul Gleeson, investment adviser at Guardian Managers, says the firm has imposed a 30% maximum investment with any one society and will likely go to that level as PI...