Advance UK trust takes complaint to the FSA

The board of the Advance UK investment trust and its manager, Progressive European Markets, have written to the FSA arguing fund management houses should not have voting rights over stocks they do not own. James Carthew, manager of the Advance UK Trust, said many fund management houses have voting rights over, but do not own, large blocks of shares in investment trusts managed by them, for example stock held in saving schemes. The interests of shareholders are best served if, in matters of a conflict interest between a trust and its managers, the managers refrained from voting on the shares...