Transfer of agent for what were EBS Summit Funds.

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.

ClubMan said:

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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Thanks for reply. Yes, definitely something to think about, will have to check all this out soon.