City Merchants High Yield and Invesco Enhanced Income boards propose merger
Combined 'BIPS' to benefit from economies of scale
The merger would see BIPS' management fee reduced to an annual amount equal to 0.65%
The boards of the Invesco-managed City Merchants High Yield (CMHY) trust and Invesco Enhanced Income (IPE) trust have proposed a merger of the investment companies in efforts to deliver greater economies of scale from an enlarged asset base.
Subject to shareholder approval, the combined entity - Invesco Bond Income Plus (BIPS) - will involve a contractual scheme of reconstruction by IPE and a transfer of assets to CMHY. Investec: 'Buy'...
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