Keystone IT shareholders will benefit from the "extraordinary growth potential for impact investing over the coming years", Investec has predicted as it initiated coverage with a 'buy' recommendation amid news the trust had ditched Invesco for Baillie Gifford.
The board of the £182m Keystone IT said it had agreed terms for Baillie Gifford to replace Invesco, after consultation with major shareholders and a bidding process led by Stanhope Capital. The trust said it would also significantly shift its investment objective from a UK equity mandate to a 'positive change' remit, with Keystone Positive Change IT being run by Baillie Gifford's Kate Fox and Lee Qian. Invesco to merge Income Growth Trust with IP Select UK Equity Keystone will have a dual objective. It will look to generate NAV total returns for shareholders of at least 2% per annu...
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