Trust sees shares jump 30% as Miton's Williams takes the reins

Miton's Gervais Williams has been named as the new manager on the £12m Investment Company plc, prompting a near 30% rise in the trust's shares.

Shares in the investment trust - which was previously run by Fiske - had jumped 28% to 300p by 10:45am, after Williams was named as the new lead manager and an overhaul of the portfolio was announced. The trust - listed on the FTSE Fledgling index - currently invests predominantly in preference shares, debentures and convertibles. However, Williams (pictured) intends to widen out the mandate and grow it through a proposed share placing of up to 7m shares, a move which could net the trust up to £5m. As well as continuing to buy preference shares and debentures, the trust's board has...