Edinburgh Portfolio has converted its range of funds of funds unit trusts, eleven in total, ...
Edinburgh Portfolio has converted its range of funds of funds unit trusts, eleven in total, to a UK umbrella Oeic. The group claims to be the first UK investment house to do this since it was permitted by recent UK legislation change.
The group says the move is the most efficient, cost effective and transparent option available for investors.
Paul Talbot, Managing Director of Edinburgh Portfolio commented: "It is a travesty that funds of funds have not been admissible for Oeic conversion until now. We are delighted to see that the regulators have brought into line the rules for funds of funds with those for single funds. Investors will now be able to buy multi-funds with the same cost efficiencies and transparencies as single funds.
Recent changes to UK legislation means it is now possible to convert funds of funds unit trusts into sub-funds within an Oeic.
The new Oeic, titled the Edinburgh Portfolio Investment Company, will invest in a portfolio of authorised unit trust schemes, other Oeic and FSA recognised schemes.
Investors' holdings in Edinburgh Portfolio's range of funds of funds have been automatically converted into the relevant share class in the relevant Oeic sub-fund at no inconvenience or expense to them said Edinburgh.
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