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Newton Foundation and income funds to merge

Newton Fund Managers is to merge two of its unit trusts.

The Foundation fund, which is only about £25.4m in size, will be merged into the £603m income fund.

Foundation will cease to be available at the end of business on March 31, and all assets will be transferred into the Income Fund. The final Foundation fund distribution will be made on or before May 31.

Newton director Simon Wombwell says Foundation unit trust holders approved the merger by a majority of more than 90 per cent.

Wombwell says the costs of merging the two funds will be borne by Newton. It forms part of the company&#39s plans to convert its unit trusts to an Oeic structure over the summer.

He says: “It made sense to merge the two funds. Both share common investment objectives and hold many of the same stocks. The income fund has performed consistently well. The income fund&#39s objective is to achieve a higher yield than the FTSE All Share index and it provides the opportunity to pursue both income and growth stocks.”


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