IFAs get renewal fee from MLIT Isa wrapper

The Manchester & London Investment Trust (MLIT) is launching an Isa wrapper that pays renewal commission. The MLIT Isa will be administered by Galleon Assets Management and offers annual renewal commission of 0.5%. The investment trust is on a discount to net asset value of about 25%. Mark Sheppard, chief executive officer at Galleon, said: 'That the shares trade at such a discount to net asset value makes this offering more attractive than the majority of unit trusts.' Contact: 0161 200 6201.