JP Morgan Asset Management has said that its Global Convertibles Income trust has raised £136 million (US$213 million) through its initial share offering.
Winterflood Investment Trusts, which acted as the placing agent and sponsor to the launch, said a large proportion of the funds came from discretionary private client brokers, demonstrating their continued appetite for income and support for the closed-ended sector.
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Simon Miller, chairman of the trust, said the group had hoped to raise £100 million but had experienced its biggest initial fund raising for a closed-ended product at the company.
"The launch has been very well supported, particularly by the wealth management and adviser communities," he added.
The trust, which is the only dedicated convertibles trust in the UK, is managed by Antony Vallee, head of JPMorgan Asset Management’s convertible bond team.
"Convertibles provide investors with the potential to enjoy the best of both worlds – bond-like downside protection in falling markets plus capital participation in rising equity markets, translating into superior risk-adjusted total returns," Vallee explained.
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By GlobalDataThe new Guernsey-domiciled, but London-listed investment company is initially targeting a gross 4.5% annual dividend.
