The demand is likely to be strong for some weeks after flotation which means it

The demand is likely to be strong for some weeks after flotation, which means it would be a mistake to sell straight away.The performance of all the new shares will depend on how the management reacts to the challenges that face a publicly-owned company. Companies that have planned flotations and are prepared for their new environment will do well; those that have floated so senior management can make a mint out of free shares and share options are likely to do badly.. Hopes have now faded for the launch of a new type of investment vehicle, known as an Oeic, before 5 April. An Oeic (pronounced "oik") is an open-ended investment company, a structure that combines the best features of unit and investment trusts with some advantages of its own. The Treasury regulations for Oeics came into force on 6 December, but the technical details of their tax treatment have still not been ironed out. So it now looks as though investors will have to wait until May at least before putting their money into the new funds.

"The big issues have all been resolved," says one of those involved. "It's a bit more than dotting the I's and crossing the T's, but it's essential to get the details absolutely right from the start."Many of the big investment groups, and several of the smaller, specialised houses, are already hard at work planning for the introduction of the Oeic. But plans cannot be finalised until the regulations have been completed and scrutinised by legal, tax and compliance specialists.The main attraction of Oeics is that they will be able to operate as umbrella funds with several sub funds, each with its own distinctive flavour. This means, for example, that if you invest pounds 100 a month in an Oeic, you could put pounds 50 in a conventional UK growth and income fund, pounds 25 in emerging markets and pounds 25 in corporate bonds. Then, at year end, you could switch all or part of your holdings into whichever fund held out the best growth prospects.Pricing will also be simplified: Oeics will have a single price, the net asset value (NAV), rather than the bid/offer spread quoted for unit trusts.The other attraction, from an investor's point of view, is that Oeics should be cheaper to run and that could well herald another round of reductions in fund management charges.Many unit trusts are expected to convert to Oeics, taking advantage of a tax concession that lasts until 1999, which will allow the change without either the fund or individual investors being taxed on the gains when their units are exchanged for shares in the new company.Among the first likely to go down this route is Murray Johnstone, which has a range of onshore and offshore funds. Richard Eliott Lockhart, the managing director, believes that the change will allow the group to simplify and expand its range of funds.The final bit of good news for investors is that Oeics will be 'PEPable' in the same way as unit and investment trusts.Oeics and their cousins the Sicav (Societe d'Investissement a Capitale Variable) are already established in Europe, and this is one reason for their introduction here - to provide the UK fund management industry with a product they can readily sell in continental markets.But that is, of course, a two-way street, and it is likely that some of the first Oeics may well be the products of fund managers from mainland Europe.. The windfall-yielding building societies are finally unshackling their savers.

Millions who have felt locked in for fear of missing out on free share and cash handouts can now freely spend their savings and start hunting for better rates elsewhere. This liberation is likely to fuel better savings rates generally as institutions fight to attract and keep the footloose cash. Savers with the Halifax, who last week voted overwhelmingly in favour of the society's planned conversion into a bank, can now run their balances down to as little as pounds 1 without affecting their windfall entitlement. Those with the Woolwich and Alliance & Leicester have been free for some weeks to run down their savings. The Bristol & West also unlocked its doors last week - with the caveat that those due bigger bonuses may need to top up their accounts again in June to maximise their windfalls. Prior to last week Bristol & West savers had been in the dark as to whether taking money out of their accounts would affect this extra entitlement.The last of the five societies due to pay windfalls this year - Northern Rock - will give details of its handout tomorrow.The average windfalls due from each society are listed in the table on the right, but some bigger savers could end up with handouts worth pounds 5,000 or more from the Halifax, Woolwich and Bristol & West. The Alliance & Leicester is giving a fixed number of shares likely to be worth around pounds 1,000 to all its qualifying savers and borrowers.

Northern Rock is expected to pay more to bigger and longer-term savers.The only remaining requirement for savers with the Halifax, Woolwich and Alliance & Leicester is keep open a qualifying account. The minimum balance depends on the account but may be as low as pounds 1. The societies will be able to give details - so check before withdrawing your cash or you could rule yourself out of the handouts.The Bristol & West is advising all its savers to keep a minimum of pounds 100 in qualifying accounts until they get their windfalls. Those who qualify for more than its basic pounds 250 payout can run down their savings for now but may need to top up their accounts again in June. These "qualifying two-year investing members" - those with accounts in 1994 and with balances of at least pounds 100 on 14 April, 1996 and 31 December, 1996 - are due handouts of pounds 500 cash plus an extra bonus worth around 6.5 per cent of their savings. This additional bonus will be calculated according to the lower of a saver's balances on 14 April last year and 25 June this year.The converting societies are aware that they risk big outflows of savings - so expect their rates to become keener But it is still worth shopping around. Societies like the Nationwide and Bradford & Bingley that have insisted they will not go the way of the Halifax et al are claiming to offer better rates, and there are newcomers like Direct Line and even Sainsbury's that are offering 5 per cent-plus on relatively low balances.The remaining building societies could be particularly attractive homes for savers given that they too might yield windfalls in the future, however much they deny it now.