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New Mobius trust raises £100m but misses target

File image of graph showing stocks and share prices rise and fallMobius Capital Partners’ new investment trust raised £100m in its initial public offering, which was half of its £200m goal.

The firm announced earlier this month it wanted to raise £200m through the float of the Mobius Investment Trust.

Trading is set to kick off on 1 October when the company will issue 100,000,000 ordinary shares at £1.

Mobius CP’s founding partners Mark Mobius and Carlos Hardenberg and Greg Konieczny will run the trust.

The trust annual management fee was set at 1 per cent, reducing to 0.85 per cent above £500m and 0.75 per cent above £1bn based on the NAV or market cap of the trust. There are no performance fees included.

Veteran investor Mark Mobius to raise $1bn for new asset management firm

MIT’s chairwoman Maria Luisa Cicognani says: “We are encouraged by the positive response from a broad range of institutional and retail investors to our IPO.“

Veteran emerging markets fund manager Mobius believes the lower-than-expected amount of raised money is due to a current environment in emerging markets.

Mobius says: “This represents a solid endorsement of our strategy, given the challenging sentiment towards emerging and frontier markets. We now look forward to capitalising on the significant investment opportunity that exists in our target markets.”

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