Alliance Trust and Second Alliance Trust are to give up their membership of the AITC. The two...
Alliance Trust and Second Alliance Trust are to give up their membership of the AITC.
The two are not prepared to pay the 0.5 basis point contribution towards the continuing marketing and education programme the AITC is putting in place in support of the investment trust industry.
They are not the only trusts to have misgivings about the levy. The AITC consulted with its membership between March and early June on the issue and claimed to have had almost a 90% favourable response out of the 220 trusts which responded to the consultation exercise.
Since then, the AITC has been in discussion with trusts that have had misgivings and believes it has persuaded many of them to contribute to the levy.
Daniel Godfrey, director general of the trade body, said: 'The vast majority of our members supported the addition of half a basis point in our consultation exercise. Clearly, the Alliance trusts have decided not to do so and that is a matter for them.'
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58