View more on these topics

Trusts get £350m in Fleming deal

Investment trusts which invest in Robert Fleming are being rewarded with a


£350m-plus bonanza thanks to the £4.88bn acquisition of the investment bank


by Chase Manhattan.


Murray Johnstone&#39s three oldest investment trusts are benefiting from a


£100m uplift.


The net asset value per share for Murray income is up by 7.9 per cent,


Murray international is up by 7.7 per cent and the nav per ordinary share


for Murray global is up by 16.4 per cent.


Fleming&#39s 10 trusts have added an extra £120m. The two trusts reaping the


best rewards are its mid-cap trust and its continental European trust.


Their navs are up by 4.8 per cent and 4.9 per cent respectively.


Foreign & Colonial Investment Trust&#39s nav has added about 3.3 per cent


while Foreign & Colonial smaller companies investment trust is up by about


2.6 per cent, a combined added value of about £115m.


Murray Johnstone head of investment trusts Geoff Burns says: “Murray


Johnstone&#39s three oldest investment trusts have held Robert Fleming shares


for over 60 years and it has proved to be a tremendous investment over the


long term. This is an excellent example of the benefit of long-term


investing.”

Recommended

Financial net firms feel the stockmarket pinch

IFA-loyal internet companies have failed to escape the fallout from therecent hurly-burly stockmarket ride.The Exchange, which floa^_ted on the market last summer at the issue priceof 200p, dipped below the 1 level to a low of 97.5p for the first timelast week.It is a far cry from December when the company&#39s share price briefly brokethe […]

Exchange modifies Cat loans service

The Exchange has launched the third version of its mortgage sourcingservice for IFAs to support Cat-standard mortgages.The system is ready to support Cat-standard mortgages as and when theyappear in the market. As with other product features, IFAs will be able toinclude or exclude Cat products in their search criteria.The new service is in res^_ponse to […]

RBS to cut 9000 jobs before the end of the year

The Royal Bank of Scotland has confirmed that it will cut 9,000 jobs by the end of this year, as a result of its takeover of NatWest.The bank insists it will not engage in wide-spread bank closures. RBS chief executive Fred Goodwin says that branches of the two banks will remain side-by-side on high streets.The […]

LIA predicts stakeholder bonanza

The LIA believes IFAs could name their price for advising on stakeholderschemes.In an interview with Money Marketing, new president Peter Sprung saysthere will not be enough IFAs to meet demand when the stakeholder deadlinecomes around.Employers not wanting to use decision trees would pay for advice on top ofthe 1 per cent charge and IFAs could […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment