Standard Life to transfer £32m Savings Investment Trust to Alliance Trust Savings

Alliance Trust Savings and Standard Life have signed an agreement to transfer the £32 million Standard Life Savings Investment Trust ISA and Savings Scheme to the appropriate ISA and Investment Dealing Accounts provided by ATS.

A statement issued by ATS said the 1,371 customers affected have been contacted to advise them of the change which offers them the option of transferring or making their own arrangements to move to another provider.

The transfer will take place at the end of May at which point ATS said it will take on full responsibility for the book and be the ISA and saving scheme plan manager.

Alistair Hardie, Standard Life head of individual and workplace products said: “Following a review of our Investment Trust ISA and Savings Scheme, we have decided to transfer the administration of 1,371 Investment Trust customers to ATS. These customers will be able to keep and increase their holdings in the Standard Life Investments Investment Trusts and have access to other investment options. This change does not impact the 115,000 customers accessing ISAs via our Wrap and Fundzone platforms.”

Patrick Mill – Managing Director, Alliance Trust Savings said: “We are always delighted to welcome new customers to the Alliance Trust Savings platform. Our platform has a broad range of available assets but our investment trust offering is absolutely fundamental to our client proposition and currently just over 40 per cent of our assets under administration are in investment trusts. Key to ATS being selected by Standard Life was our shared values in terms of Treating Customers Fairly. We also have a strong track record in bringing investment trust schemes on platform, safely and on time.”