View more on these topics

Aitc chief godfrey urges trust boards to use the treasury

The Association of Investment Trust Companies has called for more trust boards to use treasury shares.

Director-general Daniel Godfrey has made a plea to the boards of investment trust companies in a bid to get them to consider buying back shares and holding them “in treasury” to be sold back at a later date.

It is a year since the rules governing investment trusts changed to allowed treasury shares to be held. The first trust to do so was the Finsbury growth & income trust, which resold treasury shares into the market in May 2004.

Only 11 trusts have taken up the opportunity since then while several have asked for shareholders’ permission.

Godfrey says: “The inclusion of investment trusts in the treasury share regulations has provided boards with an imp-ortant additional tool to help manage the liquidity of shares, and the AITC is urging boards to consider the use of them.

“What is suitable for one trust might not necessarily be right for another and treasury shares will not be appropriate for all trusts but the AITC would like to see the issue addressed by all boards as a matter of course.”


Public want reform of stamp duty

The Government is set to reap around 4.3bn stamp duty from house sales in the current tax year – a nine-fold increase since 1993/94 – according to the Halifax.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm