Exeter launches unique three-class share trust

By Jenne Mannion The shares of a new investment trust, Exeter Selective Assets, go live next week...

By Jenne Mannion The shares of a new investment trust, Exeter Selective Assets, go live next week on the London Stock Exchange. The new trust, which was the roll-over vehicle for Exeter Preferred Capital investment trust, launched nine years ago, is unique in that it holds three classes of shares, but is not a split-capital vehicle. These include low-risk capital growth shares (invested in zeros), slightly higher-risk capital-growth shares (a portfolio of investment trusts), and high-yielding shares that will deliver a 10% running yield. An investment team led by Chris Whittingslow, inves...