Invesco Perpetual to close investment trust admin service

Portfolio-Bonds-Investment-Business-700x450.jpgInvesco Perpetual is closing its investment trust service following a review of its administration services.

The firm wrote to clients in December to inform them of the decision. Clients using the service will automatically have their ISA or shares transferred to the Share Centre unless they opt to sell their shares or re-register them elsewhere.

The changes don’t affect the Invesco Perpetual ICVC ISA, which will remain open.

A spokesperson for Invesco says: “Following a review of the administration services we provide, with effect from 17 April the Invesco Perpetual Investment Trust ISA and Invesco Perpetual Investment Trust savings scheme will be closed.

“Invesco Asset Management will continue to be the investment adviser for the investment trusts within the Invesco Perpetual range.”

Richard Stone, chief executive of the Share Centre, adds: “I am delighted to announce the strategic acquisition of a book of accounts announced back in October is from Invesco Perpetual.

“It is a privilege to have been chosen by the company as the best home for their investment trust customers who hold their investments directly, thus enabling Invesco Perpetual to focus on the investment trust management rather than retail distribution or administration.”