Invesco Asia Dragon trust merges to create £800m FTSE 250 company
The larger-scale trust hopes to give greater liquidity to wealth managers, says chairman Neil Rogan
The larger-scale trust hopes to give greater liquidity to wealth managers, says chairman Neil Rogan
|
|
The deal, which is expected to close early next year, creates Europe’s second largest asset manager by AUM and largest by revenue
|
|
Manager Matt Evans to remain part of sustainable equity team
|
|
Rumours regarding a tie-up have been in circulation for more than a month
|
|
Responsible Investment research team absorbed into Global Fundamental Research team
|
|
The newly-created FTSE 250 company will lower ongoing fees to below 0.7%
|
|
They will combine into a £1bn trust on the FTSE 250 managed by Nicholas Weindling and Miyako Urabe
|
|
Some 8% of Witan’s portfolio is invested in other trusts
|
|
The merger is the result of Witan CEO Andrew Bell’s impending retirement
|
|
Its income and growth VCTS could combine into new funds worth £190.8m and £128.8m
|
|
Michelle Scrimgeour held the role for five years
|
|
Board will also consider proposals from new investment managers to take over the trust
|
|