Gervais Williams

The management of Diverse Income Trust is considering increasing the company's capital base in order to cut costs.

CONTRARIAN INVESTOR

ITs

Fund manager Gervais Williams says he manages his own finances because financial advisers are expensive and apt to confuse.

Fund management groups and analysts have warned new dividend rules for investment trusts could see shareholders lose out as portfolios become less tax efficient.

SMALL CAPS

INVESTMENT DINOSAURS

ON UK INCOME

Three MAM Funds portfolios, including Martin Gray's £619m Miton Special Situations fund, hold a total 12% stake in Gervais Williams' Diverse Income trust, which listed in April.

MAM Funds has moved back into the black, reporting after-tax profit of £400,000 for 2010, compared to a £7m loss in 2009.