ASI to combine Murray Income and Perpetual Income and Growth

£1.2bn trust will be run by Charles Luke

David Brenchley
clock • 3 min read

Perpetual Income and Growth (PLI) investment trust will be combined with Aberdeen Standard Investments' Murray Income Trust (MUT) to create a £1.2bn UK equity income mandate.

The £642m PLI will be absorbed into the £581m MUT, pending shareholder approval, with the enlarged trust being run by ASI's Charles Luke. PLI shareholders will be offered a cash exit for up to 20% of the shares in issue. The news comes following PLI's search for a successor to Invesco's Mark Barnett, the mandate's former manager. Speculation had been rife that the sacking of Barnett from PLI and Alastair Mundy leaving Temple Bar would result in consolidation within the Association of Investment Companies' UK equity income sector. Consolidation expected as heavyweight UK equity income ...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

Trustpilot