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8.56% First Quarter Return Declared By New Lombard

8.56% First Quarter Return Declared By New Lombard Mortgage Unit Trust

Newly launched Lombard Mortgage Income Trust has announced a return of 8.56% before tax and after fees and expenses for its first quarter to 31 May.

This is the first performance indicator by this new mortgaged-backed unit trust which offers investors an exposure to a diversified portfolio of commercial, residential and rural loans.

Over time the portfolio will develop a mix of maturity dates, mortgage rates and physical location of secured properties, which the managers believe will maintain the high performance while minimising risk and volatility.

Mr Doug Burke, General Manager and director of the manager, Lombard Funds Management Ltd, said the Trust had created steady demand from investors and he expected that to increase substantially now that it had runs on the board.

There were also many sound lending propositions being offered, which indicated that the Unit Trust was well positioned in a growing market.

Chairman of Lombard Group, the Rt Hon Sir Douglas Graham said that the Trust's return to investors fulfilled the initial faith the board had in the concept.

"The challenge ahead is to maintain this performance," he said.

Ends

17 June, 2002

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