Adviser Views: Tax Avoidance

Investment trust managers tend to have a longer tenure than unit trust managers and this session looks to highlight the value of experience and longevity. Drawing out a number of the longest-serving managers in the industry and we ask them to share:

• Their accumulated wisdom on investment markets
• How their style and process have changed and adapted through different investment cycles
• Whether history does repeat itself, or merely rhyme?
• What have been the hardest markets to negotiate?

Complexity? Gearing? Lack of research? Platform pricing? Liquidity? Poor administration? We address some of the major issues and propose solutions in a live panel session where advisers will have the opportunity to question the experts on using investment trusts, asking them difficult questions on the structure. We also look at the knowledge requirements on investment trusts for advisers.

Moderator: David Harris, Invatrust
- James Robson, Plutus Wealth Management
- Adrian Lowcock, Hargreaves Lansdown
- Tony Yarrow, Wise Investment
- Roddy Kohn, Kohn Cougar

For advisers to remain independent, they must now having a working knowledge of investment trusts. A panel of financial advisers discuss how they approach investment trust due diligence, manage liquidity and handle discounts. This offers an opportunity for advisers to understand how their peer group approach investment selection and regulatory obligations in regard to investment trusts.

- Cherry Reynard (moderator)
- Gill Cardy, IFA Centre
- Andrew Merricks, Skerritt Wealth Management
- Ben Yearsley, Charles Stanley

In this live session a panel of experts will discuss the mood among investment trust managers/investors at the start of 2013 and asset allocation positioning. Where are the best opportunities to be found? Are there any areas likely to offer the seductive mix of rising asset values and narrowing discounts?

Conversely, which areas of the market now look fully valued and may struggle in 2013? The experts will share their views on the best investment opportunities for the year and how investment trusts can be used to take advantage.

Panel line-up:
- Cherry Reynard (moderator)
- Peter Hewitt, F&C Investments
- Andrew McHattie, The McHattie Group
- Simon Moore, Bestinvest

But Were Too Afraid To Ask

A panel of investment trust experts answer your questions on everything from gearing, to risk management, to investment performance. The session will also cover developments in the industry in 2012.

The panel line-up includes:
- Cherry Reynard (moderator)
- Harry Katz, Norwest Consultants
- Francis Klonowski, Klonowski & Co.
- John Newlands, Brewin Dolphin

Investment trusts have some natural advantages: they can use gearing to maximise their exposure to a rising market and they can reserve income in stronger years to distribute in weaker years, for example. This makes them naturally suited to certain types of assets and markets. We will discuss the areas best-suited to investment trusts and why. For example, it might be UK for income or emerging markets for growth. In the interests of objectivity, we will also discuss the markets where investment trusts do not work as well. The discussion will also include a comparison with UCITS III and non-UCITS funds, the different type of powers they have, and where they might be more appropriate.

Panel line-up:
David Harris, InvaTrust (moderator)
Stephen Peters, Charles Stanley
Nick Wilcox, JP Morgan
John Pattullo, Henderson
Alex Barr, Aberdeen
Peter Hewitt, F&C

Multi-asset portfolios are the latest buzz-word in investment. They promise lower volatility with a smoother return profile than standard equity funds. Investment trusts offer all the tools to build a multi-asset portfolio, but often at lower cost and with less complexity. This session will explore how investors might go about building or enhancing a multi-asset portfolio with investment trusts. What types of assets are available? How can investors judge correlation? Where can they find true diversity? How can investors blend open-ended and closed-ended to ensure diversification?

Moderator David Harris of InvaTrust will lead the discussion alongside panelists:
•Olivia Mayell, J.P. Morgan Asset Management
•Nick Greenwood, MitonOptimal Multi Asset Management

Gearing is often presented as a stumbling block in investment trust due diligence. It can be difficult to pigeon-hole a trust into a certain risk category when gearing can range significantly, for example. This can be addressed with a proper understanding of gearing – different investment trusts use different types and with that comes different risks. The session will cover: The different types of gearing used; the markets in which it has been particularly effective; how the decision is made; how investors can analyse gearing; how geared investment trusts can be incorporated into traditional risk models.

Panel line-up:
Jackie Beard, Morningstar (moderator)
Simon Moore, BestInvest
Dennis Hall, Yellowtail
Peter Hewitt, F&C Investments
Ben Ritchie, Aberdeen Asset Management

Pete Matthew gives his views on the independent vs. restricted debate.

Hear from David Crozier of Navigator Financial Planning as he discusses his thoughts on niche marketing for advisers in this short illustrated video.

Hear from Steve Trinder of Wingate Financial Planning as he discusses his thoughts on tax avoidance in this short illustrated video.

Chris Daems discusses 'My Money Week' in schools and asks what your thoughts are about incorporating financial education into the core curriculum.

It’s half way through the year and time to take a step back and look at the year so far. Which regions have been the winners and losers? Which now look over/under-valued, including which have the strongest discounts? What has driven markets? What news events have had the biggest impact on each area? Perhaps most importantly, which areas now look like the strongest areas for investment, particularly through investment trusts? Managers from each different region slug it out for the hearts and minds of investors.

David Harris, Invatrust (moderator)
Stephen Macklow-Smith, JP Morgan
Paul Atkinson, Aberdeen Asset Management
James Henderson, Henderson Global Investors
Dhiren Shah, BlackRock

Advisers have traditionally been put off investment trusts by perceived complexity. In reality, closed-ended funds are no more complex than open-ended, but it is worth examining the ‘tricks of the trade’ and how expert investors in investment trusts manage the quirks of investment trusts, notably discounts, liquidity and governance. Investors will also talk through where they use investment trusts and where open-ended funds might be more appropriate.

Jackie Beard, Morningstar (Moderator)
Julian Cane, F&C Investments
James Moseley, Winterflood Securities
Peter Walls, Unicorn
William Hemmings, Aberdeen Asset Management

One of the key advantages of an investment trust is the ability to manage illiquid assets. This session looks at the arguments for non-conventional investment trusts, such as diversification, return potential and accessing faster growth or higher income. It will also consider the discount problem – a particular issue with illiquid investment trusts – and how investors can manage it. The speakers will uncover why the investment trust structure works well for these types of asset classes.

David Harris, InvaTrust (Moderator)
Jon Macintosh, Saltus Partners
Charlie Thomas, Jupiter Green
Richard Kirby, F&C Investments
Ian Barrass, Henderson Global Investors

This pilot episode, with the foresight of a weekly show, will cover the key news stories that affect advisers in an easily digestible 15 minute live video.

This episode Lee Robertson, CEO at Investment Quorum will be in the studio to discuss his views and feelings on these stories with host Cherry Reynard.

Share your thoughts on the week's stories using the #TWFAL

Platforms are providing better access to investment trusts but there are a number of things to consider when buying through a platform such as pricing, costs, choice and timing. This session will look at how buying through the different platforms compares and where may be the best places to buy. It will also look at platforms that incorporate investment trusts into asset allocation model portfolios and how platforms can help the selection process of investment trusts.


Moderator Brian Tora, will lead this discussion alongside a broad panel that each brings a different viewpoint to the session;
•Freddie Findlater, Head of Adviser Platforms, The Platforum
•Dr. Kieran Drake, Research Analyst, Winterflood
•Bill Vaseilieff, CEO, Novia
•James Saunders Watson, Head of Investment Trust Marketing, J.P. Morgan Asset Management