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Godfrey in call for more disclosure on split-caps

AITC director general Daniel Godfrey has called for greater disclosure across the splitcapital investment trust industry in a bid to prevent a repeat of the market panic of the past month.

Godfrey says that while much of the information on split-cap trust holdings is already publicly available through stock exchange ann-ouncements, he believes there is a case for making details of cross-holdings more easily accessible.

He stresses, however, that any greater disclosure regulations should be minimal, with fund managers understandably sensitive about being forced to publish complete lists of trust holdings.

Godfrey says he believes cross-holdings are naturally likely to become less of a problem, with many split-caps set to unwind these over the coming months. He says: “Clearly, there is a need for as much information and education on splits as possible so investors understand the risk and advantages at the same time.

“Second, we are also talking to our members about how they could have more regular information provided to the market about what holdings in other splits individual splits have. This information is mostly already available thr-ough the stock exchange ann-ouncement system. But we are looking at how that could be made more readily available. There are downsides to fund managers providing too much information.”

Jupiter head of investment trusts Andrew Watkins bel-ieves the industry is already transparent but is not opposed to any further disclosure. He says: “I am not against disclosure of any means. If there is a need for more disclosure, I would certainly be in favour.”


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