River & Mercantile Asset Management is set to launch a micro-cap investment equity trust for manager Philip Rodrigs.
Known as River & Mercantile UK Micro Cap Investment Company, the new trust will invest in 30 to 50 UK firms with a market capitalization of between £10m and £100m.
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The firm targets to raise £100m for the new product and intends to list the Guernsey-domiciled trust on the London Stock Exchange (LSE) by late November.
The firm will return all the excess cash above £100m to shareholders in the form of capital rather than income. Rodrigs plans to use the same stock selection principles employed in the group’s UK equity funds to the new trust.
The trust will have an ongoing charge of between 1.25% and 1.5% and a performance fee of 15%.
Rodrigs joined River & Mercantile from Investec Asset Management in March this year.
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By GlobalData
