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L&G fails to get investor support for distribution proposals

Shareholders have rejected changes that Legal & General had proposed to its £44m distribution trust.

The trust, managed by David North, launched in 2003 and is third quartile in the Investment Management Association’s cautious managed sector over three years, falling by 12 per cent compared with a sector average loss of 6.9 per cent.

L&G was looking to increase equity exposure within the trust from a maximum of 40 per cent, with the remainder in bonds and cash.

At an EGM, only 70 per cent of shareholders supported the change, falling below the 75 per cent majority needed for it to be passed.

A spokesman says although L&G would have liked to have seen the change passed for the benefit of the fund, it will not have a huge impact on future performance.

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