Scottish wealth manager Turcan Connell Asset Management has rolled out private OEICs for its wealthiest clients in a move to enhance tax efficiency.
The private OEICs have been designed for clients with a minimum of £7 million in assets and will reduce their capital gains tax (CGT) bills, according to Investment Week.
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The private OEIC will require clients to pay CGT on withdrawals but will not charge tax for making portfolio changes.
The launch follows increasing demand from high-net-worth clients for a cost-effective way to manage their wealth.
Alex Montgomery, CEO of Turcan Connell, said: "This is an interesting USP for us, as these funds are relatively esoteric. The benefit is they can be invested in and changes can be made within them at any time without paying CGT.
"We think we have found a way to do this on a cost-effective basis for those larger clients. We have been making use of them recently, and they have since been a catalyst for an increasing number of larger clients to come to us," Montgomery added.
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