View more on these topics

EFM turns trusts into Oeics

Edinburgh Fund Managers is set to convert its £600m in unit trusts into an Oeic.

Group sales and marketing director Nigel Whittingham says the company is committed to transferring all its 21 unit trusts into open-ended investments.

Edinburgh&#39s unit trust business represents 12 per cent of its £7.4bn total assets under management

It also has £3.8bn in investment trusts, £300m held by private clients, £2bn in pension funds and £700m in North America.

Whittingham says: "We are committed to Oeics and believe they offer a natural rationalisation of the unit-trust ind ustry. It is too early to say when conversions will take place but it is more than one year away and could be some time in 1999. Oeics is the direction the market is going towards and we want to be part of this and do not intend to be left behind."

Recommended

INVESTMENT ANALYSIS

The international financial services sector came under close scrutiny, culminating in the announcement of the mer- ger between Swiss Bank Corporation and Union Bank of Switzerland. This will create the world&#39s second-biggest bank and biggest fund manager at the cost of an estimated 13,000 jobs. As has been the case in so many instances this […]

INDEPENDENT VIEW

I have crossed swords with the national press more times than I can remember in defence of the endowment mortgage. This has included skirmishes with financial journalists working for the so-called quality press, whose argument is based on little more than the fact that somebody has earned commission and, therefore, it must be a bad […]

thumbnail

What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment