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1 week ago | 
citywire.com | Natalia Vasnier |Ian Heath |Danielle Levy |John Schaffer
BlackRock Frontiers (BRFI) manager Sudaif Niaz has stepped down from the trust following a restructure of BlackRock’s global emerging markets division.
Linked to the overhaul, Christoph Brinkmann has also stepped down as co-manager of BlackRock Latin American (BRLA) trust. He will be replaced by Gordon Fraser, who has been appointed head of a newly formed emerging markets and frontiers team, based in London. Fraser will work alongside the trust’s long-standing manager Sam Vecht.
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1 week ago | 
citywire.com | Dylan Lobo |Danielle Levy |Michelle McGagh |Nour Azhar
The board of The European Smaller Companies Trust (ESCT) has agreed to tender up to 42.5% of the listed fund’s shares, following two months of negotiations with activist investor Saba Capital.
The tender offer will comprise a cash exit option as well as an ‘in specie consideration option’, whereby professional investors can opt to receive a proportion of the fund’s underlying portfolio instead, according to an announcement today.
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1 month ago | 
citywire.com | Danielle Levy |Natalia Vasnier |John Schaffer |Nour Azhar
In our Hot or Not series, we look at which UK-based active funds have attracted the biggest inflows and suffered the worst outflows each month.
Update: Schroders has confirmed the large inflow in question has come from an internal source.
Following the inauguration of the new US president markets have remained volatile, with Trump’s defensive tariffs creating fears of an upcoming global trade war.
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1 month ago | 
citywire.com | Michelle McGagh |Danielle Levy |James Carthew
The Association of Investment Companies (AIC) and key industry figures have slammed the Financial Conduct Authority’s (FCA) cost disclosure proposals, arguing they are unworkable and at risk of inflicting further damage to the investment companies industry.
A joint industry response to the financial regulator’s consumer composite investments (CCI) consultation argues that investment companies should be excluded from the CCI framework.
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1 month ago | 
citywire.com | Danielle Levy |Natalia Vasnier |Nour Azhar |Sophie Downes
In our Hot or Not series, we look at which UK-based active funds have attracted the biggest inflows and suffered the worst outflows each month.
Following the inauguration of the new US president markets have remained volatile, with Trump’s defensive tariffs creating fears of an upcoming global trade war. The past few weeks have also seen the price of gold reach an all-time high, while Tesla saw a dramatic drop in its share price.
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1 month ago | 
citywire.com | Algy Hall |Natalia Vasnier |Danielle Levy
Senior portfolio manager Stephen Penfold has left Seven Investment Management (7IM) after 15 years.
7IM confirmed the departure in a statement to Citywire. It is not clear is Penfold is leaving to take up a new role.
Several senior members of 7IM’s investment team have left the company since it was taken over by the Ontario Pension Scheme at the start of last year. Already have an account? Do you personally advise on or manage investments for clients?
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1 month ago | 
citywire.com | Algy Hall |Danielle Levy |Dylan Lobo |Natalia Vasnier
Montanaro UK Smaller Companies (MTU) has bought back 20m shares in a bid to fend off US activist investor Saba Capital.
The buyback equates to around 12% of the share capital, which matches Saba’s last disclosed stake in the £145m UK smaller companies trust. Analysts at Deutsche Numis suspect the buyback has enabled Saba’s exit.
Montanaro UK Smaller Companies introduced a buyback policy in late February to maintain a single-digit discount.
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1 month ago | 
citywire.com | Victoria Bell |Danielle Levy |Sophie Downes |Simon Evan-Cook
Saba Capital has withdrawn its second round of proposals at CQS Natural Resources Growth & Income (CYN) following a series of ‘very constructive discussions’ between the two parties.
Saba has agreed to withdraw its second requisitioned general meeting at CYN. The US hedge fund, headed by Boaz Weinstein, had put forward proposals to transition four trusts into open-ended funds to eliminate their discounts and provide shareholders with greater liquidity.
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1 month ago | 
citywire.com | Michelle McGagh |Danielle Levy |Sophie Downes |Joe Stonor
Abrdn Diversified Income and Growth (ADIG) is in early-stage talks to sell the remainder of its portfolio.
The multi-asset trust, which is in the process of winding down, said a potential buyer is currently doing due diligence on its portfolio of private assets.
‘The terms of any proposed transaction would need to be assessed against the likely return to shareholders that could be delivered through the other strategic options available to the company,’ the board explained.
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2 months ago | 
citywire.com | Natalia Vasnier |Danielle Levy |Sophie Downes |Laura Ventom
UK inflation jumped to a 10-month high of 3% in January, as a result of higher private school fees and airfares not falling by as much as expected.
The figures have caused some to question whether the Bank of England will cut interest rates over the coming months.
The consumer prices index (CPI) rose by 3% over the 12 months to the end of January, up from 2.5% over the year to December. This was partly down to the government’s decision to introduce VAT to private school fees in January.
