View more on these topics

I&S axed from Assets trust

The board of the Continental Assets investment trust has dumped Ivory & Sime from running the fund and called in Invesco Asset Management.

Proposals for the reconstruction of the £85m trust will be sent shortly to shareholders.

Invesco has worked with the trust board to provide a number of choices for shareholders following the sud den decision to oust Ivory & Sime.

Continental Assets will be liquidated and investors will be given the choice to transfer their investment into one of three investment funds.

Investors will be offered units in two existing unit trusts, the Invesco European smaller companies fund and the Invesco money fund.

There is also the option of investing in Continental Assets II, a geared investment trust which will focus on European smaller companies and will be run by Invesco.

Continental Assets II will have a new benchmark – the HSBC James Capel Smaller Companies index.

Continental Assets has returned about 43 per cent over three years compared with a sector average of 69 per cent.

Invesco will manage Continental Assets without charge until the new proposals are pushed through.

Invesco managing director of the closed-end fund division Sarah Bates says: "Our joint proposals offer shareholders value as well as flexibility of choice and the opportunity to participate in Invesco&#39s outstanding performance in European smaller companies through a closed- end vehicle."

Recommended

Statistically speaking

I recently read in the press some of the statistics published in the Office of National Statistics&#39 annual report. There was much contained in the report of direct and indirect relevance to those marketing and advising on financial services products. Everyone accepts that we are in a time of significant and continuing demographic and cultural […]

FSA appoints key staff

The Financial Services Authority has appointed 10 of the 14 staff who will report directly to its three managing directors. Each director will take up responsibilities once the FSA becomes operational in spring next year. Just one of the 10 is from the PIA.

Barely any formality to trust set-up

Much has been made recently of the tax benefits of bare trusts. What is a bare trust and what are its benefits? A bare trust is simply a trust where property is held by the trustees for the absolute and indefeasible benefit of the beneficiary. The beneficiary, on attaining the age of majority, is entitled […]

Managing customers in drawdown

By Lorna Blyth, Investment Marketing Manager Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost-effective way. Most advisers are seeing an increase in drawdown clients following pension freedoms. Often these are clients with lower fund sizes, which means advisers are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment