Investec to convert fund into managed distribution vehicle

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Investec Asset Management is to convert its £26m Income Share fund into a managed distribution portf...

Investec Asset Management is to convert its £26m Income Share fund into a managed distribution portfolio on 1 April next year. The group is in the process of writing to shareholders and advisers on the proposed changes and will hold an EGM on 31 December. Current manager Alastair Mundy will remain on the portfolio and the conversion is scheduled three months after the EGM to give him time to change the portfolio as cost effectively as possible. As part of the shift, Income Share will have to give up its track record in the UK Equity Income sector as it moves into Cautious Managed. Jo...