Rathbones and Brewin up stakes in Merian Chrysalis

Comes after trust smashes second fundraising target

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.

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