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Reyker targets Invesco Peps

Reyker Securities is offering initial and trail commission to IFAs looking to switch Pep clients from Invesco Perpetual.

The move follows Invesco Perpetual&#39s decision to axe Pep accounts with direct shareholdings.

Investors have the choice of selling their shares and switching into an Invesco fund, continuing to hold them outside a Pep wrapper or transferring them to another provider.

Reyker is offering a £12.50 initial fee and 0.25 per cent trail commission to IFAs who transfer clients&#39 Pep holdings.

Invesco has told 92,000 customers that they must offload their direct shareholdings by July 26.

Investors who take no steps to move their shares will have them switched into either Invesco&#39s world income fund or world growth fund.

BFS Investments last week reduced its minimum Pep transfer limit from £5,000 to £3,000 until the end of August to help Invesco investors wanting to retain their Pep status. It is offering 0.5 per cent trail commission to IFAs.

Reyker Securities director Andrew Watson says: “IFAs are potentially being denied access to a Pep manager who will provide them with an initial fee and a continuing trail fee for the introduction of Invesco Perpetual single-company Pepholders.”

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