Transact criticises fund managers over bulk switching

Transact has criticised fund managers for failing to allow advisers to move large holdings from bundled to clean share classes.

Last week, the platform announced to advisers it would be the first to allow bulk clean share class conversion, using a tool to give mass fund switching instructions to asset managers. However, the majority of fund groups were still unwilling to do so, according to head of marketing Malcolm Murray (pictured). "The way [Transact CEO] Ian Taylor described it the other day was that we've just invented the first fax machine, but since no one else in the world has one it's not much use," he said. With HM Revenue & Customs ruling rebates paid to consumers would be taxable from Monday, Mu...