Invesco has launched the Invesco Global Equity Income Trust (IGET), following the consolidation of the Invesco Select Trust’s four share classes into a single portfolio.
Invesco Select shareholders voted in favour of the move on 16 April.
The trust will continue to be managed by Stephen Anness (pictured), while its board has set a new 4% dividend target.
The board has also introduced a new discount policy which will see it consider share buybacks should its discount reach 10%.
According to the Association of Investment Companies, the Invesco Select Trust trades at a 12.23% discount.
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Victoria Muir, chair of IGET, said: “Following the approval of proposals to consolidate the Invesco Select Trust plc from four portfolios into the global equity income strategy, we are pleased to announce the relaunch of this Trust. We believe IGET will deliver greater value to shareholders through increased scale and liquidity, while maximising capital growth and income opportunities.
“The trust benefits from the continuity of Stephen’s management and the extensive capabilities and rigorous investment process of Invesco’s global equities team. The new, simplified structure and dividend target gives the trust a distinctive positioning within the sector and should provide investors with confidence in the clear focus on reliable income and growth in all market conditions.”
Anness added: “In unpredictable times investors want stable income and persistent growth, and IGET aims to deliver just that.
“Through our proven process we will continue to identify companies that can deliver solid cashflows at attractive valuations, and with the quality to weather volatility, providing investors with greater confidence in all market conditions.
“Given the opportunities we are seeing in this environment, we expect to make use of gearing tactically to enhance our ability to capitalise on these.”
