21.   A person who manages investment accounts on a discretionary basis and is recognised by the Panel as an exempt fund manager for the purposes of the Code.

22.   References in the Code to exempt fund managers are construed accordingly.

23.   The conditions for exemption are the same as those applying to exempt fund managers.

24.   Special rules apply to determine whether connected market-makers and fund managers are acting in concert with the offeror or the target company.

25.   Fund managers remain more optimistic about the long-term outlook for UK shares than any other major market.

26.   The fund manager can, therefore, select the mix of bonds which offers the most attractive yield and capital growth potential.

27.   The situation is equally blurred when it comes to the fund managers.

28.   Finally, how do you choose a fund manager?

29.   These devices are widely used by professional fund managers to gain highly cost-effective exposure to stock markets without having to buy the underlying shares.

30.   Pension fund managers were again in search of high-yielding stocks to protect their incomes after the Budget changes.