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Aberdeen Standard sustainability trust on hold after missing IPO target twice

Aberdeen Standard Investments has put the launch of its Global Sustainability Trust, on hold as it failed to raise its target of £200m for the second time.

The share offer was originally supposed to run until December 17, but some four days before that, the company announced an extension due to “current political and market uncertainty.”

Yesterday, the company announced that it had not met its target due to “continuing difficult market conditions for fund-raising” despite having received “significant positive feedback from a wide range of wealth managers and other investors.”

As the investment trust believes the targeted amount is the minimum required to create a diversified portfolio and meets its objectives, it has decided that it will not go ahead with the launch at this stage.

The investment trust sought annual returns of 6 to 8 per cent by investing primarily in private markets and only in companies making a positive impact in line with the United Nations’ Sustainable Development Goals.

At the time the trust announced its launch, Global Sustainability Trust initiative founder Andrew Dykes, said: “We are democratising SDG finance. People should have more and better opportunities to align their investments with their values.”

The company said it would now consult advisers and investors, before considering a launch later in the year, when market conditions will have improved.

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.

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