Update: Baillie Gifford raises £173m for US Growth trust

First trading day on 23 March

Ballie Gifford has announced it has raised £173m in the IPO of its US Growth trust, falling short of the £250m fundraising target.

The group previously announced plans to launched the closed-ended fund in February, and is the group's first new trust since 1985. Listed on the London Stock Exchange, its first trading day will be on 23 March and it will be managed by Gary Robinson and deputy managers Helen Xiong and Andrei Kiselev, managers of the £1.1bn open-ended American fund. The group said it is pleased with the £173m gross proceeds in the current environment, despite not reaching the higher target. Andrew Telfer, joint senior partner at Baillie Gifford said: "To raise £173m for a long only equity trust is a...