Numis: Schroder UK Growth trust discount will narrow after Dean hire

Investment trust broker Numis said it expects the discount on Schroder UK Growth to tighten, following this morning's announcement Julie Dean will take over managerial responsibilities for the trust.

Dean (pictured) will take over the £300m mandate from Richard Buxton once Schroders has completed its acquisition of Cazenove Capital in July. Numis welcomed the appointment, saying now the uncertainty overhanging the trust has been removed, the discount on the portfolio should tighten considerably. The trust's discount has widened since Buxton's departure was revealed in March, rising to an all-time high of 11.1%, well above its average discount of 6.8%. The company's discount has fallen from its record high in recent weeks, tightening to 8.9%, but Numis believes there is further ...