Opinion sought on this investment trust fund
Discussion
I'm looking at options for a long term savings plan for my two adult children who are now both expats as they are working abroad.
I found the Foreign & Colonial investment trust and there might be something in that. Using their UK accounts from now, they said they will let them open an account with them, even though they are non-resident, and as long as the funds come from a UK account, then they are fine with that. Should the UK account get closed, they will also be happy receiving the funds from a third party (eg grandparent) who would have a UK account and monthly contributions can take place with no transaction charges.
Their Private Investor Plan looks interesting and only has a £40.00 charge per year and a 0.5% stamp duty per purchase of UK shares, and invests in a diversified global portfolio that looks interesting. Using Transferwise, a €150.00 monthly transfer would cost €1.25 in fees, and if it is done monthly, the exchange rate should average out. All dividends and profits are automatically reinvested into the fund, and there is no amount left in fractions (as you would buying full ETFs).
F&C seem to rate quite well and the fund has performed very well in the last decade. I have looked for something euro based but struck a blank but this seems to work quite well as far as monthly transaction fees are concerned (there aren't any) and from a tax point of view, the funds can be drawn out and dealt with in their final country of residence.
Is this a good idea or can you suggest of another globally diversified single fund that is open to expats that is based in the UK.?
I found the Foreign & Colonial investment trust and there might be something in that. Using their UK accounts from now, they said they will let them open an account with them, even though they are non-resident, and as long as the funds come from a UK account, then they are fine with that. Should the UK account get closed, they will also be happy receiving the funds from a third party (eg grandparent) who would have a UK account and monthly contributions can take place with no transaction charges.
Their Private Investor Plan looks interesting and only has a £40.00 charge per year and a 0.5% stamp duty per purchase of UK shares, and invests in a diversified global portfolio that looks interesting. Using Transferwise, a €150.00 monthly transfer would cost €1.25 in fees, and if it is done monthly, the exchange rate should average out. All dividends and profits are automatically reinvested into the fund, and there is no amount left in fractions (as you would buying full ETFs).
F&C seem to rate quite well and the fund has performed very well in the last decade. I have looked for something euro based but struck a blank but this seems to work quite well as far as monthly transaction fees are concerned (there aren't any) and from a tax point of view, the funds can be drawn out and dealt with in their final country of residence.
Is this a good idea or can you suggest of another globally diversified single fund that is open to expats that is based in the UK.?
hstewie said:Gassing Station | Finance | Top of Page | What's New | My Stuff