UK – UK-based trustee services and investment trust firm Law Debenture Corp. has seen its net asset value decline by 23.5% to 170.5 pence (250 euros) per share in 2002, compared to 222.9 pence (326 euros) in 2001.

“Based on the group balance sheet as at December 31 2002 and valuing listed investments at middle market prices and unlisted investments at directors' valuations, the net asset value of each share was 170.5p (2001: 222.9p), a decrease of 23.5%,” the company said in a statement.

“Over the same period, our benchmark, the FTSE Allshare Index, declined by 25.0%.”

It posted a total of 60.5 million pounds in capital losses in the year, compared to a loss of 34.7 million pounds in 2001.

Income from investments and deposits was flat at 9.3 million pounds. Trustee and other fee income rose to 13.3 million pounds from 11.7 million pounds. Its dividend was unchanged at 6.90 pence.

“We remain committed to maintaining a quality portfolio that will add value in the long term,” the firm said. “The trustee services business continues to diversify into related areas, building on its expertise, so as to give a broader base to its earnings.” Law Debenture says trustee services are a “core activity”.

It added: “We believe that Law Debenture's experience and independence are valued in its chosen markets.”

Seventy-one percent of its portfolio was in the UK in 2002, compared to 68.5% in 2001. North America accounted for 6.4%, against 10.0% previously. Europe was unchanged at 14.6%. Pacific accounted for 7.2%.

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