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£200m for split-cap fund

Aberdeen Asset Manage ment&#39s European growth & inc ome split capital investment trust has raised £200m since its launch in October.

The trust has seen substantial investment through institutions and private client stockbrokers.

It was also offered as a rollover trust for shareholders of the Jupiter Eur opean inv estment trust.

Around 1,000 shareholders in the Jupiter trust elected to continue their investment in the trust.

The European equity element of the trust, which acc ounts for 65 per cent, will be managed by Adrian Fowler.

Paul Reed and Chris Fishwick will manage a revenue portfolio comprising an inc ome portfolio, acc ounting for 20 per cent of the trust, and a bond portfolio, which sta nds at 15 per cent.

The share classes inc lude 28 per cent income shares, 20 per cent zero dividend preference sha res, 9.5 per cent cap-ital shares and 42.5 per cent bank debt provided by the Royal Bank of Scotland.

Shares acquired in the secondary market can be inclu ded in an Isa or Pep. The trust has a planned term of six years and is sponsored by Hoare Gov ett.

Aberdeen Asset Man agement head of inv est ment trust Chris Fish wick says: “European equities continue to be available at reasonable valuations and the European economic environment underpins the outlook for growth.

“We believe that this new closed end fund offers a multi-class capital structure that is attractive to shareholders.”


Enterprise – Enterprise Venture Capital Trust

Monday, 27th November 2000.Aim: Growth by investing in AIM listed unquoted UK companies and fixed interest securities.Minimum investment: £2,500.Opening-closing date: November 9, 2000-December 12, 2000.Charges: Initial 5.5 per cent.Commission: Initial 3 per cent.Tel: 020 7367 5600. 

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