The AITC is taking the next step towards putting together a service for investment trust dealing whi...
The AITC is taking the next step towards putting together a service for investment trust dealing which includes commission, writes James Thorneley.
Daniel Godfrey, director general of the trade body, is to put his proposals to the AITC's executive committee on 19 June. The principal points agreed may then be sent out to the membership.
Godfrey has been seeking an administration partner to run the service on a day to day basis for several months but declined to name any specific company.
Earlier this year he announced the AITC was putting together plans for a savings scheme, an Isa and a pension wrapper, allowing intermediaries to buy investment trusts through a single charging structure, receive a single statement and earn commission.
One disadvantage investment trusts face, according to the AITC, is there is far less uniformity in the charging structure than there is within the unit trust and Oeic market.
Godfrey hinted he hoped any generic product would be self-financing and would not have to rely on funding for 'its' marketing campaign.
Godfrey said the meeting of the executive committee would not go into the details of how any such generic product would work.
According to Cicero report
Adds 24 staff, three offices and £275m AUA
Launches Junior ISA and retirement accounts
Schroders tops 2019 list
24 companies wound up