Franklin Templeton Investments is pulling out of the Isa and Pep transfer market but investors will ...
Franklin Templeton Investments is pulling out of the Isa and Pep transfer market but investors will still be able to select new and existing OEIC funds as part an Isa wrapper issued through the FundsNetwork supermarket.
Anyone who holds Templeton's Growth and Biotech funds - invested in the Franklin Templeton Isa or Templeton Pep - ought to switch their investments onto the Fidelity FundsNetwork platform from October 25th, as the asset management firm argues platforms provide investors with a wider choice of Isa funds than a single asset manager might.
Any switches will be made without penalty and an additional four OEIC funds will be launched by Franklin on September 8th to sit alongside the existing range funds, says Jamie Hammond, Northern Europe sales and marketing director at Franklin Templeton.
New UK-targeted funds will be mirrored on existing US and offshore funds, as the Franklin US Equity fund, the Franklin Mutual Shares fund, the Templeton Europe fund and the Franklin Corporate Bond Fund.
But the firm will also close four funds with similar strategies from the Dublin-registered Franklin Templeton global fund umbrella.
Equity-based funds will carry 5% initial commission - paying IFAs 3% - while annual management charge is 1.5% with 0.5% trail fee.
The Franklin corporate bond fund carries 3% initial commission - with 2% to IFAs - and AMC of 0.95% with 0.25% trail.
Investors in the Templeton Emerging Market Investment Trust (TEMIT) are also being urged to switch to another platform from Jarvis Investment Management - an execution-only stockbroker - from September 15th.
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