Marriage unveils plans for Tellworth Investments as he warns of AIM bubble

Joined BennBridge to set up Tellworth last year

Tellworth Investments' Paul Marriage, manager of the UK Dynamic Absolute Return strategies, has warned of a bubble at the top end of the AIM market as a result of IHT funds piling into these stocks, adding there is a risk any tax changes could prompt them to flee the sector.

Investors in certain AIM [Alternative Investment Market] stocks can benefit from business property relief (BPR), which allows them to avoid any inheritance tax liability when they pass on holdings to their next of kin, as long as they have held the shares for more than two years. This benefit has caused a skew in valuations at the top end of AIM, Marriage said. Marriage and Warren's boutique Tellworth launches with £385m "What concerns me is these are relatively mainstream companies that do not have nice leadership positions or intellectual property that we like," he said. "They...