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Octopus to offer VCTs through Transact

Octopus Investments is to allow investors to buy and hold shares in its Venture Capital Trusts through adviser-facing platform Transact for the first time. 

The launch of the service follows a change announced in the Finance Bill 2014 which allows investors to buy VCTs directly via a platform. Previously, investors could only transfer their holding to a platform after purchase.

An Octopus spokeswoman claims the VCT provider is the first to offer its products through a platform.

Clients will receive a 0.5 per cent discount on Octopus’ initial charge for all investments made on platform, normally only offered to existing investors in Octopus VCTs.

Initial charges range from 2.5 to 3 per cent depending on Octopus’ investment mandate.

Transact will process adviser fees and charges separately from cash in the client’s Transact portfolio. The standard annual charge of 0.5 per cent already in place for Transact users will apply to the new service. 

Octopus head of platform distribution Shaun Sandiford says: “With more and more advisers managing their clients’ portfolios on platform, and with a growing year-round demand for VCTs, we knew it would make a big difference to our advisers if we could get our VCTs on platform.”

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  1. Well done Octopus and Transact to be the first to take advantage of this important change in the law – which has been a long time coming! About time the law was also changed to allow National Savings to be bought via platforms.

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