Acorn Income board U-turns on BMO GAM appointment amid 'more suitable' alternatives

Board accused of 'failure to consult significant shareholders'

Mike Sheen
clock • 2 min read

The board of the Acorn Income investment trust has reversed its decision to appoint BMO Global Asset Management as its new portfolio manager after receiving “further interest” from other “more suitable" proposals, as well as “shareholder feedback”.

BMO GAM, which was set to take on management after the trust's now-cancelled AGM this month, has criticised the board's "failure to consult significant shareholders", including its incumbent manager, as well as "misjudging" shareholder views over the future direction of the company. It was announced in May that BMO GAM would replace Premier Asset Management and Unicorn Asset Management, and the trust would be renamed BMO Global Sustainable Equity Income with a new investment objective and policy. However, in a statement on 12 August, Acorn Income's board said it had "received further ...

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