Seneca brings VCT offering to market

Richard Manley

Investment management specialist for SMEs Seneca Partners is launching a new venture capital trust, adding to its tax advantaged product range.

The Seneca Income & Growth VCT PLC will open in early 2018 based in the North West, to build on the success of the company’s enterprise investment activities which have seen about £70m deployed to businesses over the last four years.

Seneca’s managing partner Richard Manley said the addition of the VCT would offer investors “a different tax advantaged option” in an area of substantial strength for Seneca.

“The announcements made in the Budget recently, together with the vitally important Patient Capital Review provide further conviction of the support needed by businesses in our heartlands, a cause we will continue to champion,” he said.

“We will maintain our position as ‘generalist’ investors and key supporters across the Northern Powerhouse which is recognised and valued by our investors from all parts of the UK.’’

Seneca is teaming up with the directors of Hygea VCT PLC. The proposal is for Hygea to issue a new class of shares, whose assets will be managed by Seneca, under a more generalist investment policy than currently applies to its existing share class.

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