One of London’s oldest investment trusts, The Investment Company PLC, has relaunched, following the appointment of Dowgate Wealth as the new manager earlier this year.
Set to be managed by Jeremy McKeown, the fund will now seek to protect and grow the real purchasing power of investors’ capital through a multi-asset portfolio. It will target assets that have “inherent scarcity, enduring economic relevance and resilience to money debasement”.
This represents a move away from the strategy’s prior focus on small and mid-cap equities.
The firm’s assets under management have swelled to more than £10m (from a previous portfolio of £7.1m). Roughly £7.2m of this new money came from new investors, while £2.9m of existing investor capital has been retained from the old strategy.
Ian Dighe, chair of The Investment Company PLC, said: “As one of the longest-established investment trusts listed in London, we are pleased to have secured a new mandate that is firmly focused on protecting and growing the real purchasing power of shareholders’ capital over the long term.”
Ben McKeown, investment director at Dowgate Wealth, added: “We are delighted with the positive reception to the new investment strategy we proposed for the company, raising over £7m from new shareholders and retaining many existing shareholders to increase the overall size of the company by over a third at today’s issue price.”
As part of the relaunch, the trust has also issued a retail offer of new shares to further expand the trust, set to be completed on 28 July.
See also: Veteran investment trust relaunches as multi-asset strategy
