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Sifa rethinking initiative as Trustees Act changes

Solicitors for Independent Financial Advice is to update its Trustinvest initiative to reflect changes to the Trustee Act in February.

One of the main features of the act is the requirement for trustees to seek investment advice from IFAs.

To keep track of the chan ges to the Act, Sifa has rewritten its Trust invest Handbook of Trustee Investment.

Rothschild Asset Management is joining Legal & General, Royal & Sun Alliance Investments and Sun Life in providing funds for the Trustinvest initiative.

Sifa says Rothschild&#39s fund of funds is suited to trustees with interest-in-possession trusts.

The Trustee Act 2000 rep eals the Trustee Investments Act 1961 and is designed to be more relevant for today&#39s inv estment environment.

Sifa says it favours packaged investment products over portfolios of individual securities for several reasons.

First, securities portfolios are only economic where the values exceed £100,000 to £150,000.

Second, the new Act&#39s req uirement for diversification can be better met if the spread of investments covers different managers and styles.

Third, packaged products are more tax-efficient for investors.

Sifa launched Trust invest in 1998 to make trustees aware of the advantages of using packaged investment products for trust investment.

Managing director Ian Muirhead says: “For the past couple of years, there have been strong arguments for trustees investing through packaged products instead of directly in securities.

“Now the requirement under the new Trustee Act for trustees to seek advice gives financial advisers the perfect opportunity to drive this message home.”


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