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...She added: “This is where the disquiet comes in for trustees — and their advisers too.”...
...Its adjusted funds from operations, which Green Street uses to analyse public property trusts, was $2.1bn, or 74 per cent of dividends, while Breit’s “funds available for distribution” were $1.7bn, or 61...
...The way the FCA interprets these pieces of legislation compels investment trusts to report their costs in the same format as open-ended funds....
...Critics argue that the UK’s interpretation of the rules — which also cover EU funds — means British trusts’ fees are artificially inflated....
...This is not a luxury afforded to managers of unit trusts or exchange traded funds....
...Trusts can trade at a premium or discount to the value of their investments — according to the level of demand for the trust....
...“The bigger funds are more nimble and can act quickly,” said Chris Roberts, managing director at Dalriada Trustees, a firm of professional trustees....
...“I am not sure that it is the role of the government to tell trustees where they place their money,” said Armitt....
...But she told the Financial Times she would have “cause for concern” if ministers were to go a step further and direct trustees as to where funds should be allocated....
...Green investment trusts say privately that investors now question the accuracy of some of their trusts’ NAVs and the discount rates used....
...The discounts have led to fund managers, wealth managers and peers to call for a change in the way investment trust fees are reported to investors....
...Trusts can be set up in a number of ways, including through outright gifting, but also on the back of a will....
...The average trust was trading at a discount to net asset value of 16.9 per cent in October last year, just shy of the 17.7 per cent recorded at the end of 2008, according to the Association of Investment...
...a stock exchange filing from the trust....
...beneficiary of the trust....
...That appears to be the essence of what we are witnessing. I’ll go with finance principles over the legend and lore of investing. More endowment trustees and CIOs should do the same....
...Alliance Trust earlier this month said it was ditching Jupiter as one of its fund managers, because of Whitmore’s departure from the business....
...Unfairly so, in the view of the industry and some parliamentarians. The rules require funds of funds to report the internal expenses of investment trusts they own on a look-through basis....
...At a meeting held last month, the firm proposed to its board of trustees for Pimco Funds that it consider converting its $141mn Mortgage-Backed Securities Fund from a mutual fund into an ETF, the filing...
...Employers’ access to billions of pounds of surpluses in UK company pension funds would be eased under proposals set out by the government on Friday....
...A restoration of the boat was completed in 2013 thanks to Heritage Lottery Fund grants totalling £1.2mn....
...Trustees of UK pension schemes would be prevented from taking “overly risky” decisions after government plans to ease employers’ access to billions of pounds in pension fund surpluses, ministers said....
...For the moment, pension fund trustees in the UK are still not sure if they can prioritise the positive climate impacts of an investment at the expense of creating returns for beneficiaries, according to...
...The communications adviser also oversaw up to €1mn in cash on behalf of the investment banker, which he invested alongside his own funds....
...“I am not sure that it is the role of the government to tell trustees where they place their money,” he said, when was asked whether he thought governments should compel pension funds to invest to help meet...
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