Direct dealing on increase

Investors losing income by cutting out brokers when dealing with fund management groups

Investors are increasingly dealing directly with fund management groups and losing up to £89m a year in the process, research by brokers Bestinvest has revealed. In the 12 months to the end of October 2004, 10% of all unit trust and Oeic investments were made directly compared with 9.6% the previous year. Particularly popular were stocks and shares Isa fund investments, with 25.3% made directly, a 16% increase compared with the year to the end of October 2003. Bestinvest assesses this has led to direct investors spending £89m on full initial charges, compared with £76m for the previous 1...