launch put off after FSA hints at restrictions on the amount trusts can invest in other trusts
imia is to defer the launch of its investment trust of investment trusts after the FSA flagged possible restrictions on multi-manager investing by closed-end funds. Iimia head of investment trusts Nick Greenwood said he would instead bring forward the launch of a fund of investment trusts with an Oeic structure, originally planned to follow the investment trust into the market. Provisions contained in the FSA's consultation paper 164 were part of the regulator's response to the collapse of a number of split-capital trusts, whose cross-holdings in other highly-geared splits led to a seri...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes