Aviva Investors is set to merge Chris Murphy's UK Income & Growth fund into his UK Equity Income portfolio, subject to shareholder approval.
The fund group is proposing to merge the two portfolios on 30 January after being notified the largest shareholder in the £76m UK Income & Growth fund - responsible for almost 50% of assets - is to redeem its position. “When this money is withdrawn, the size of the merging fund will drop to approximately £39m, and ongoing charges will increase for remaining investors. The merging fund has also not attracted a level of external investment which allows it to remain viable and has limited opportunities to grow in size,” Aviva Investors said in a letter to shareholders. The merger means t...
To continue reading this article...
Join Investment Week
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
