Culross Global Management and Nomura debut tax-efficient note


UK-based investment manager Culross Global Management has launched a listed note linked to two of its proprietary funds for professional investors. The sterling-denominated Nomura Culross Alpha note will list on the London Stock Exchange, while the issuer, Japanese bank Nomura, will also provide daily liquidity.

The note uses an exchangeable bond structure, which qualifies it for capital gains tax at 18% rather than income tax at 40%. At maturity in 2016, the notes will be exchanged for warrants

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