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BlackRock launches first tax transparent fund in UK

Big BenBlackRock says it is the first firm to launch a UK-domiciled tax transparent fund, a structure approved by the UK Treasury last year.

For tax purposes, investors in tax transparent funds are treated as if they owned direct shares in the funds' underlying assets. Other fund centres such as Dublin and Luxembourg have already introduced similar structures.

The BlackRock ACS US Equity Tracker Fund tracks the FTSE USA index, which includes large and mid-cap companies.

“Given the ever increasing complexity for today’s investors, delivering simple, transparent, tax efficient solutions has arguably never been more important,” says Tony Stenning, head of UK retail at BlackRock.

BNY Mellon will provide custody, fund administration and trustee services to the fund.

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