Smithson investment trust, the new global small- and mid-cap trust run by Terry Smith's Fundsmith, has smashed initial fundraising targets and looks set for the largest ever UK-listed trust launch after Neil Woodford's Patient Capital trust in 2015.
The board of Smithson initially targeted £250m for the new trust, but the figure was then raised to £600m following strong investor demand. However, this level has also now been exceeded and the board decided once again to increase the size of the initial issue. It has now raised a total of £822.5m, with trading in the new trust set to start at 8am on Friday, 19 October. The board of the trust said applications have been received under the initial issue for 82,250,956 ordinary shares, which will be issued at a price of £10 per share. The Smithson launch will be by far the biggest i...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- 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
