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Barclays Wealth closes Defined Returns Plan early

The new DRP CP offers three options delivering potential returns

Barclays Wealth has announced that it is closing its DRP Capital Protected, a defined returns plan, two weeks early and immediately issuing a replacement series following demand from investors keen to access fixed pay-off style conditional returns.

The company said that DRP Capital Protected (DRP CP), which offers the potential for high returns over three investment periods, will close to new business on January 19, 2009. To ensure a smooth transition Barclays Wealth is bringing forward the edition scheduled to start next month, which will be available from January 20, 2009 until February 27, 2009.

The new DRP CP offers three options delivering potential returns of either 12% – three-year option; 22%-four-year option; and 32% – five-year option.

Despite the early closure of DRP CP, the closure date for DRP Annual Kick-Out, its sister investment, remains unchanged, added Barclays.

Colin Dickie, director of Barclays Wealth, said: Demand for the DRP CP has proved exceptional but market conditions have changed significantly in recent weeks and we have been unable to secure greater capacity with the same terms. Indeed, terms for most capital investments are expected to be lower this year as the pricing environment makes 2008-level terms much harder to repeat.