Two of the UK’s largest wealth managers have bought stakes in the Merian Chrysalis Investment Trust days after the closed-ended vehicle announced it had doubled its additional fundraising target.
In announcements on the London Stock Exchange on Wednesday, Rathbones said it has taken a 7.12% stake in the trust, while Brewin Dolphin declared a 5.8% holding.
The two firms are the second and third largest shareholders behind Merian Global Investors, the investment trust’s parent company, which has a 21.06% stake, according to Bloomberg.
A Brewin Dolphin spokesperson said: “We invest in the trust on behalf of our clients. Under listing rules a notification is issued when a shareholding goes above 5%.”
Rathbones had not responded to a request for comment at the time of publication.
It comes a week after Merian Chrysalis announced it was “well covered” to meet its additional £50m fund raising target by orders from a wide range of institutional and private investors. It ultimately raised £100m.
The trust had previously raised £100m, falling short of its targeted £200m.
Seneca Investment Managers is the fourth largest with a 3.92% holding while Brooks Macdonald Asset Management has a 4.94% holding.
