Changes to Foreign & Colonial ITs

[AJC5001]

As a result of a problem with my HYPTUSS (See https://www.lemonfool.co.uk/viewtopic.php?f=27&t=14722) I discovered that there have been changes to some F&C IT names and tickers.

"Foreign & Colonial name goes as F&C trusts and saving schemes adopt BMO brand" https://www.theaic.co.uk/aic/news/citywire-news/foreign-colonial-name-goes-as-fc-trusts-and-saving-schemes-adopt-bmo-brand

The most obvious change to note is that Foreign & Colonial Investment Trust (FRCL) will in future be F&C Investment Trust (FCIT).


HTH


Adrian

[Minesadouble]

Foreign and Colonial (as was) is the largest holding in my IT Portfolio.
I find some thing distinctly sad and disappointing about the name change.
F&C is just another anonymous and meaningless combination of letters, in my opinion.
I presume British Empire, which I also hold, will be next.
A bit like pulling down statues of Cecil Rhodes and Confederate Generals in the USA.
Little bits of history being removed and sanitised.
Sign of the times, I suppose.
MAD

[swill453]

The most obvious change to note is that Foreign & Colonial Investment Trust (FRCL) will in future be F&C Investment Trust (FCIT)

Also F&C Capital and Income Investment Trust PLC (FCI), one of the B7, becomes BMO Capital and Income Investment Trust PLC (BCI).

Scott.

[StOmer]

The changes occurred on Monday, my HL account was correctly updated with the new names and symbols. Morningstar has details of the various name changes at http://www.morningstar.co.uk/uk/news/AN_1541776711285919300/fc-trusts-to-change-names-as-bmo-launches-re-branding-.aspx

[scotia]

Why do Investment Managers feel the need to change well known names, and in addition also change their codes? In any sensible database, you would choose the Investment Name, or perhaps the code, as the primary index. So now I'll need to make significant adjustments to my investment database to incorporate these changes. What possible advantage is there in these changes? Maybe this should be posted in the Grumpy Old Gits board!

[scotia]

The changes occurred on Monday, my HL account was correctly updated with the new names and symbols. Morningstar has details of the various name changes at http://www.morningstar.co.uk/uk/news/AN_1541776711285919300/fc-trusts-to-change-names-as-bmo-launches-re-branding-.aspx

Its a good job I picked up this information from this board, because HL have updated the names, but haven't yet drawn attention to it (as they usually do) in a message. So I would now be wondering what this BMO IT entry was!

[stevensfo]

The most obvious change to note is that Foreign & Colonial Investment Trust (FRCL) will in future be F&C Investment Trust (FCIT).

That bit made me laugh. What happens when somebody asks the obvious: what does the F&C mean?

It reminds me a little of when BP was in the American courts following the Deepwater Horizon disaster, and some people were furious that the name 'British Petroleum' kept being used. I mean, when you see abbreviations, acronyms or initials used, isn't it normal to want to know what the hell they stand for?

Steve... still wondering if the change from Kentucky Fried Chicken to KFC may be due to the fact that it has nothing to do with Kentucky, or that it has no real chicken in it.

[swill453]

It reminds me a little of when BP was in the American courts following the Deepwater Horizon disaster, and some people were furious that the name 'British Petroleum' kept being used. I mean, when you see abbreviations, acronyms or initials used, isn't it normal to want to know what the hell they stand for?

Steve... still wondering if the change from Kentucky Fried Chicken to KFC may be due to the fact that it has nothing to do with Kentucky, or that it has no real chicken in it.

Or British Telecom, commonly known as BT, which then became officially BT, which wasn't a shortened version of British Telecom(munications).

Scott.

[stevensfo]

Or British Telecom, commonly known as BT, which then became officially BT, which wasn't a shortened version of British Telecom(munications).

I still hear 'British Telecom' in conversation, and sometimes 'Kentucky Fried Chicken' - probably due to their successful advert many years ago with the strutting chicken and catchy music. BP seems to been quite successful in making people forget.

No doubt, if North Korea succumbs to democracy, Kim Jong will be known only as K-J (quite catchy). Their PR dept will assist with mass executions when required.

Steve

[DavidM13]

Best one ever is surely Royal Mail to Consignia

I cant post a link but i got it from the Guardian website.

ROYAL MAIL
As the millennium celebrations approached, the Royal Mail, lumbered with a stuffy old crown on its logo, decided it could do with a makeover. After an agonising two-year process of racking its brains and hiring consultants to pep up its image, chief executive John Roberts announced in early 2001 that it would take on a completely new identity – "Consignia".

"The new name describes the full scope of what the Post Office does in a way that the words 'post' and 'office' cannot," he told bemused customers.

Sixteen months later, with its plans to push into overseas markets in tatters, and the meaningless new name a laughing stock, Roberts left, Consignia was consigned to the history books, and Royal Mail bosses hoped the £2m rebranding would be forgotten as soon as possible.

But Keith Wells of the consultancy Dragon Brands, which came up with Consignia, was unrepentant when interviewed by the BBC: "It's got consign in it. It's got a link with insignia, so there is this kind of royalty-ish thing in the back of one's mind. And there's this lovely dictionary definition of consign which is 'to entrust to the care of'. That goes right back to sustaining trust, which was very important."

[stevensfo]

But Keith Wells of the consultancy Dragon Brands, which came up with Consignia, was unrepentant when interviewed by the BBC: "It's got consign in it. It's got a link with insignia, so there is this kind of royalty-ish thing in the back of one's mind. And there's this lovely dictionary definition of consign which is 'to entrust to the care of'. That goes right back to sustaining trust, which was very important."

That's why directors of companies pay millions for consultancies to do the work for them; if all goes pear-shaped, they can point at the 'expert' and say 'it's all his fault'. Keith Wells was simply justifying his decision, even though a ten year-old could have done better- or why couldn't they ask the customers? His explanation is pathetic, but he got the cheque, so who cares?

Consignia..con(convict)...cigarette/sick...deny everything.

Steve

[LooseCannon101]

I opposed the change of name to F&C Investment Trust at the last AGM.

The asset manager, BMO, seems to want to raise it's profile on the London Stock Market. I wonder how long it will be before this name is changed to e.g. 'BMO Global' or similar?

[stevensfo]

It has pissed me off to the extent that I am going to sell just to spite BMO.

I'm sure some managers in Montreal will be having sleepless nights tonight.


Steve

[scotia]

It has pissed me off to the extent that I am going to sell just to spite BMO.

I'm sure some managers in Montreal will be having sleepless nights tonight.
Steve

Foreign and Colonial was a well known and respected brand. BMO isn't. Common sense would indicate that they are unlikely to sell their renamed product as well as previously. And there will also be a number of existing owners who are annoyed at the name change, and who will treat the renamed product less favourably. I can't see any positives in the name change. Maybe the fund managers will not have sleepless nights, but they may end up with reduced bonuses.

[stevensfo]

Foreign and Colonial was a well known and respected brand. BMO isn't. Common sense would indicate that they are unlikely to sell their renamed product as well as previously. And there will also be a number of existing owners who are annoyed at the name change, and who will treat the renamed product less favourably. I can't see any positives in the name change. Maybe the fund managers will not have sleepless nights, but they may end up with reduced bonuses.

Scotia, I agree completely and hate this ridiculous re-branding and use of abbreviations and acronyms. Whether it's BP getting worked up being called British Petroleum, EDF (which we had in Grenoble) being referred to by their proper name 'Electricite de France' or the French owned train company 'Connex' which hated it when people asked if it should be 'Le' or 'La' Connex.
But F&C are owned by the 'B'ank of 'MO'ntreal, so if the share price of FRCL/FCIT does drop due to the name change, it would simply provide a buying opportunity for others. The companies in the IT will be the same.

Where are the Blackadder scriptwriters when you need them?

Steve

[stevensfo]

Well, the Foreign and Colonial name has been around since 1868. 150 years of trust vandalised overnight. I highly doubt the BMO brand will survive even a tenth as long.

Really?

Bank of Montreal, Canada's first bank, opened for business on November
3, 1817. It provided Canada's first sound and plentiful currency and
has played a major and continuing role in the development of the
country, taking part in the financing of the first transcontinental
railway in the 1880s.



Steve

[Hariseldon58]

Name changes go both ways ... I remember TR City Of London Investment Trust which dropped the reference to Touché Remnant and regained its name.