"Over the year to July 2010, the FTSE All-Share index rose by 15.4%, " the PPF said.

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The new fund has scrapped an initial charge of 3.5%, which was levied on retail customers but has introduced a 10% performance fees on any return above the FTSE All-share index.

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Mike Lenhoff, a stock market strategist who is also from Brewin Dolphin, is optimistic about prospects for European equities for the rest of 2009 and has a year-end target of 5, 000 points for Britain's FTSE 100 all-share index, a level it has hovered around for the last month.

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