Transfer of agent for what were EBS Summit Funds.

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Hi All,

Received notification today from Summit Asset Managers Limited to say that EBS will no longer be providing agent services for the Summit Funds and it will now transfer to a company called Northern Trust International Fund Administration Services (Irl) ltd.

As a result of this change will need to supply preferred bank account details to avoid potential delays in the future and if I haven't updated Anti Money Laundering (AML) documentation in the last 3 years I will be asked to do so the next time I encash.

Invested with them many years ago and funds appear to be doing well but trying to make up my mind if I should reconsider in light of this change or just leave well enough alone? Came across this AAM thread from some time back and am a little confused with the tax situation.

Any advice appreciated.
 
I had some Summit Funds until recently but I cashed them in because I needed the money for something else.

I had one mutual fund which was gross roll up and growth was taxed at 41% exit tax on encashment. The other was an investment fund which was subject to deemed disposal every 8 years and subsequent exit tax on encashment as necessary. Either way all taxes were taken care of within the funds and/or at encashment time.

As far as I recall the management changes weren't competitive - c. 1.2% and 1.5% I think. There are much more competitive annual management charges available these days on managed/index tracking funds. And, of course, direct equity investments are much more attractive from a tax point of view (CGT @ 33%, ability to offset previously incurred losses, annual exemption of €1,270).

Can't really say if the new servicing agent is a reason to cash in but there may be other good reasons to do so.
 
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