Framlington unit trust set for revamp

Framlington is seeking to change the investment remit and name of its Convertible unit trust before ...

Framlington is seeking to change the investment remit and name of its Convertible unit trust before the year end, writes James Thorneley. The portfolio currently invests in convertible loan stocks and preference shares of predominantly UK companies. The group hopes to get approval from unitholders before Christmas allowing the fund to invest in sterling denominated corporate bonds and change its name to Framlington UK Bond unit trust. Chris Murphy, manager of the £40.2m fund, said the group had been considering the change for some time and the main reason behind the move was to widen ...