Inv Perp explains reasons behind Japanese Investment Trust closure

Invesco Perpetual has said arbitrageurs are one of the reasons it is to close its Perpetual Japanese ...

Invesco Perpetual has said arbitrageurs are one of the reasons it is to close its Perpetual Japanese Investment Trust. The largest shareholder in the £50m vehicle is Soc Gen with a 24.6% stake, and there are several smaller stakeholder groups including Carousel which has 3.6%. Tim Mitchell, part of the specialist funds team said he was saddened that the trust had to be wound up, describing the group as “in a corner” over the move. “If we were to have a tender offer to remove the largest shareholders, we would end up with a company half the size, and at £25m the investment trust would b...