Intermediaries now hold some £27m of investment trust paper via the AITC's fund supermarket, launche...
Intermediaries now hold some £27m of investment trust paper via the AITC's fund supermarket, launched a year ago.
The trade body created a link to Transact, a funds service and transaction platform for intermediaries, which is owned by Integrated Financial Arrangements. Transact has more than £100m in its service, of which investment trusts account for 26.7%.
The Transact service enables intermediaries to buy any investment trust with a single charging and allows them to be remunerated in the same way as they are for advising on unit trusts.
A year on, shares in 283 different investment trust companies, from 125 managers, have been acquired through Transact, and 301 out of 415 advisers on the system had a client with at least one investment trust.
Daniel Godfrey, director general of the AITC, said: 'The investment trust sales figures through the Transact service demonstrates an important breakthrough for investment trusts in the intermediary market.
'Transact is encouraging more intermediaries to consider the benefits of investment trusts for their clients.
'The AITC has been striving to provide intermediaries with an attractive route to market ' the Transact service provides exactly that. Transact enables intermediaries to include investment trusts in their clients' investment portfolios and to receive the initial and annual commissions that they would expect to earn for professional advice.'
The AITC announced it was endorsing Transact as an ideal means for intermediaries to access investment trusts for their clients by incorporating information on Transact in its intermediary literature and by providing a platform for them at its adviser conferences and workshops.
Ian Taylor, general manager of Transact, said: 'The great strength of Transact is its transparency. Accessible by post, telephone, fax and online, it has many key advantages over the online-only fund supermarkets, making it easier for intermediaries to plan, implement and manage long-term portfolios for their clients.
'Transact also allows intermediaries' clients to view their portfolio easily and therefore helps intermediaries maintain a strong relationship with their clients.'
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