Transact is offering a Pep wrapper for Invesco Perpetual single company Pep holders to transfer hold...
Transact is offering a Pep wrapper for Invesco Perpetual single company Pep holders to transfer holdings following the group's announcement that it is to withdraw from the single company market.
To transfer to the Transact Pep, brokers need to complete the T005 ' Transact Pep Transfer Instruction form for each Pep if they are transferring less than 20 clients' holdings. Clients will have to register with Transact if they have not done so already by completing the T001 ' Transact Portfolio Application form.
If an adviser has more than 20 Invesco Perpetual clients, they can mandate Transact to obtain client details direct from Invesco and complete a pre-populated transfer form containing clients' holdings. Clients need only sign one form for their transaction to go though.
The deadline for transfer via the bulk process is 21 June, although advisers must inform Transact of their intention to follow this route by 17 June. Transfer to Transact will take place on 12 July while Invesco Perpetual's closing date is 26 July. There is no cost for the transfer.
Single company Pep holders who fail to transfer their holdings will have their shares sold and the proceeds invested in an Invesco Perpetual managed fund, according to broker firm Reyker Securities. Reyker is offering advisers a £12.50 initial fee per client transferred and 50% nominee fees or 0.25% trail commission for as long as the client remains with Reyker.
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