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AITC says splits fund will help hardest-hit investors

The AITC says its foundation fund should ease the financial hardship being suffered by the hardest-hit victims of collapsed split-capital investment trusts despite raising far less than expected.

It says fewer people than feared are suffering acute financial pain as a result of failed splits, giving it hope that the fund, which is believed to have raised just one-fifth of its target of £10m, will cover all applications for help.

However, the AITC refuses to disclose how many people have approached it for help or exactly how much has been donated to the fund by splits providers.

It admits it is surprised by the relatively small number of applicants, who must have £16,000 or less in savings to qualify for a payout, but denies that the reason is lack of knowledge about the fund. As evidence, it points to the information about the fund on the AITC and FSA websites as well as extensive media coverage, especially in the national press.

PR executive Jemma Jackson says: “Judging by the amount of attention it has got, I do not think it is a question of people not realising. There just seems to be less people suffering hardship than we thought.”


B&B signs multi-manager deal with Skandia

Bradford & Bingley has signed Skandia Investment Management as a multi-manager supplier to add to its deal with Axa.The move gives access to fund groups such as Threadneedle, Fidelity and Liontrust. The Axa select funds and Skandia actively managed funds will be available through B&B&#39s independent wealth advisory services which include the Marketplace at Bradford […]

Listed IFAs are set for lift-off, says Durlacher

The market has turned for listed IFAs, with sales set to grow towards the end of the year, according to exclusive research from investment bank Durlacher.Durlacher analyst David Pannell, the author of the report, says even though most IFA firms have been significantly loss-making, with share prices of publicly listed companies falling on average by […]

Egg cuts Invesco funds in Oeic shift

Online provider Egg is removing over half of its range of Invesco Perpetual funds from the platform due to the company&#39s decision to convert its range of unit trusts to Oeics.Egg, currently undergoing a product refocus, says its costs of conversion – up to £12,000 per fund – are prohibitively high, given the small number […]

Martin Currie Investments – Martin Currie GF UK Growth Fund

Type: Sicav Aim: Growth by investing in UK equities Minimum investment: Lump sum $5,000 Place of registration: Luxemburg Investment split: Financials 27.6, resources 22%, non-cyclical services 12.1%, non-cyclical consumer goods 11.6%, cyclical services 6.6%, basic industries 4.3%, general industrials 3.9%, utilities 3%, cyclical consumer goods 2.3%, information technology 2.1%, cash 4.5% Charges: Initial 5%, annual […]


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