TwentyFour Income fund and UK Mortgages propose merger

Winding up of UK Mortgage

Kathleen Gallagher
clock • 1 min read
The two trusts will combine to create a £720m new entity

The two trusts will combine to create a £720m new entity

The boards of the £574.3m TwentyFour Income fund (TFIF) and £1.4bn UK Mortgages (UKML) trust are proposing a merger which is expected to complete by the end of the financial quarter.

The proposal involves the winding up the UK Mortgages trust, transferring its assets to the TwentyFour trust and the issue of new ordinary shares by TFIF to UKML's shareholders. In a stock exchange announcement on 8 February the companies said both boards have consulted with major shareholders of the two companies and shareholders, with about 47% of UKML's shares, have provided written support for the scheme. The new £720m combined trust will be managed by 11 investment professionals from TwentyFour and will provide a "strengthened market position due to greater scale and combined ass...

To continue reading this article...

Join Investment Week

  • 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


More on Investment Trusts