F&C UK Select trust to be liquidated

Phil Doel's £45m F&C UK Select trust will be wound up after failing to beat its benchmark over the past two years.

In the two years to 31 December 2009, the trust's NAV total return per share was -12.3%, 3.5 percentage points below the total return on the FTSE All Share index over the same period. Consequently, shareholders must now vote to wind up the company, choosing to receive a cash payment or transfer their investment into the £59m F&C UK Opportunities fund. Both the fund and the trust are run by Doel. Chairman Geoffrey Maddrell says: "The board is today announcing proposals for the reconstruction and winding up of the company. "The proposals will involve a members' voluntary liquidation ...