share exchange

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A service offered by most unit-trust managements and life-assurance companies, in which the trust or company takes over a client's shareholding and invests the proceeds in unit-trust funds, etc., of the client's choice. The client is thereby saved the trouble and expense of disposing of the shares and if the shares are absorbed into the trust's or company's own portfolio the client may receive a better price than would be possible on the market (i.e. the offer price rather than the bid price).

Subjects: Financial Institutions and Services.

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