Fundsmith has successfully launched its new investment trust, Smithson, to the main market of the London Stock Exchange this morning.
The asset manager led by star manager Terry Smith has confirmed that 82,250,958 shares were issued at 8am.
The firm also noted that Smith and the other founder partners and key employees of Fundsmith currently hold 3.65 per cent of the share capital, with directors and family members holding a further 0.04 per cent.
Smithson started the day at 1,025p a share, before rising to 1,045p, and falling back to 1,027p at the time of writing.
The investment trust raised a record total, beating the likes of Woodford to smash its fundraising target, which has been boosted both by investor interest and personal funds from Fundsmith employees.
Though he is not directly managing it, Smith himself has put £25m of his own money behind the trust, which will target small and mid-cap opportunities overlooked by the flagship Fundsmith Equity fund.
Woodford’s Patient Capital trust came in at £800m, just £22m behind the Smithson Investment trust, according to Association of Investment Companies data. Both beat the previous record of £606m by BioPharma Credit.
AIC chief executive Ian Sayers says: “It’s a testament to the strength of the investment company structure that Smithson Investment Trust has raised so much money, becoming the largest UK investment company at launch. Clearly, the closed-ended structure allows managers to pursue long-term focussed strategies without having to worry about redemptions.”