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Alliance trusts quit AITC over fees increase

The Alliance and Second Alliance investment trusts are to quit the AITC in

a move which will cost the trade body more than £200,000 in annual

membership fees.

The £1.78bn Alliance trust, the UK&#39s third-biggest investment trust,

and the £600m Second Alliance trust are withdrawing from the trade

body over the extra 0.5 basis point of assets under management which was

added to the membership charge this summer. The fee hike was to cost the

two trusts around an extra £120,000 a year. The AITC asked members for

extra fees to continue the its marketing campaign earlier this year.

While more than 90 per cent of members agreed to the extra 0.5 basis point

to maintain IFA marketing and press relations, a bid to charge a further

basis point for consumer marketing was rejected. The Alliance trusts

rejected both proposals.

However, Jupiter head of investment trusts Andrew Watkins points out that

All-iance will still get many of the benefits of the AITC, even without

being a member.

He says: “An accusation of a free lunch could be levelled at Alliance. I

think they are being disloyal to the investment trust industry.”

AITC communications dir-ector Annabel Brodie-Smith says: “We are

disappointed to see them go. The majority have been happy to pay up for the



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GE Life – High Income & Growth Plan

Wednesday, 29 August 2001.Type: Guaranteed equity bond.Aim: Income or growth by investing in Eurostoxx 50 index.Minimum-maximum investment: £7,000-£1m.Term: Three years two months.Guarantee: Captial returned in full at the end of term provided theEurostoxx 50 index does not fall more than 20 per cent during theterm or the final index level is at or above the […]


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