Friends Ivory & Sime Investment Trusts (FISIT) has scrapped dealing charges for investors coming int...
Friends Ivory & Sime Investment Trusts (FISIT) has scrapped dealing charges for investors coming into its range of 12 investment trusts.
The only charge investors will have to pay on purchasing shares is the 0.5% Government stamp duty
John Yule, marketing director at FISIT, said that unlike offers available from other houses this one, called ZeroCharge, was a long term commitment rather than being available for only a limited period. He thought the idea would particularly appeal to fee-earning IFAs. He said: "There is big growth in Sipps and also the income drawdown markets. Our investment trusts can provide pension monies with free access to equity markets
Existing shareholders in the trusts will also benefit from the strategy, according to Yule. He said that shareholders may feel they are losing out as dealing charges will now be paid out of a trust's assets, the increased demand for shares the scheme will bring should enhance NAV and hopefully narrow the discount in the course of time
In conjunction with the scheme the group has launched a ZeroCharge Isa and an Investment Plan product allowing investors to access its investment trusts without incurring any initial, annual or exit plan charges
The group's 12 trusts total £2.1bn in assets and include British Assets, Investors Capital, British Empire Securities & General, European Assets and Ivory & Sime Optimum Income
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