Turcan Connell launches personal OEICs for wealthy clients

Laura Dew

Scottish wealth manager Turcan Connell Asset Management has started to launch private OEICs for its wealthiest clients in a bid to improve tax efficiency, as well as attract more high net worth customers.

It told Investment Week it has created OEICs for a number of clients who had a minimum of £7m in assets to invest, with the structure able to reduce their capital gains tax bills.  Usually, CGT is payable every time an investor makes a change in a portfolio, which can lead to high charges for those regularly rebalancing portfolios. However, within a private OEIC while clients will still have to pay CGT on withdrawals, they would not incur the tax just for making portfolio changes.  Alex Montgomery (pictured), chief executive of Turcan Connell, said: "This is an interesting USP for ...

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