Premier Fund Managers has launched its first investment trust.
The Premier High Income Trust will have a split capital trust structure with two share classes, zero dividend preference shares and ordinary shares.
The trusts investment objective is to generate both income and capital fro a diversified portfolio of equities and bonds. Equities are likely to account for 70 per cent of the investments, with global bonds and split capital investment trust income shares both making up 15 per cent each.
The trust will have an expected lifespan of six years with the zero dividend shares providing a return of 8 per cent over this period. The target yield for the ordinary shares is 8 per cent a year gross.
The offer is open until May 28 and dealings are set to commence on June 7. The minimum investment is £1,000.
The annual manangment fee is 0.95 per cent.
Commission is available on investment into ordinary shares of 3 per cent initial and 0.25 per cent renewal.