Premier Fund Managers has surpassed its expectations and raised £40m with its first venture into the investment trust market. It had hoped to raise £25m.
Its Premier High Income Trust, a split capital investment trust raised £19.5m through investments in ordinary shares, £15.4m through zero dividend preference shares. The remainder was raised through bank borrowings.
The trust aims to provide both income and capital growth through a portfolio of UK equities, fixed interest securities and shares in other split capital investment trust income shares.
The trust is expected to have a six year life span. Dealings in its shares started today.