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Standard Life offloads its investment trust customers to ATS

Standard Life offloads its investment trust customers to ATS

Standard Life is set to transfer the administration of 1,371 investment trust customers to Alliance Trust Savings by the end of May.

Alistair Hardie, head of individual and workplace products for Standard Life, said that, following a review, Standard Life has signed an agreement to transfer its investment trust Isa and its savings scheme to the appropriate Isa and investment dealing accounts provided by Alliance Trust Savings.

He said: “These customers will be able to keep and increase their holdings in the Standard Life Investments Investment Trusts and have access to other investment options. This change does not impact the 115,000 customers accessing Isas through our wrap and fundzone platforms.”

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Advisers and clients have been contacted about the change which offers them the option of transferring to Alliance Trust Savings, or making their own arrangements to move to another provider.

The transfer will take place at the end of May at which point Alliance Trust Savings will take on full responsibility for the book and be the Isa and saving scheme plan manager.

On transfer to Alliance Trust Savings, all clients will have full online service – trading, statements, valuations and contract notes, and daily trading compared to current weekly trading on a Friday.

Patrick Mill, managing director of Alliance Trust Savings, said: “Our platform has a broad range of available assets but our investment trust offering is absolutely fundamental to our client proposition.”

Adviser view

Martin Evans, a director at Gwent-based Prism Independent Financial Advisers, said: “Standard Life is doing this transfer to reduce costs - it is an inevitable follow-through from the RDR.”