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October 21, 2021

Scottish Investment Trust proposes to merge with JPMorgan trust

By Verdict Staff

The Scottish Investment Trust (SCIN) has proposed a merger with JP Morgan Global Growth & Income trust (JGGI) as part of a strategic review.

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The £679.8m Edinburgh-based trust said that the combination with JGGI will result in an enlarged company with net assets of more than £1.2bn.

It also noted that that transaction could represent the most compelling outcome for SCIN shareholders.

Commenting on the development, SCIN chairman James Will said: “Our two companies were both launched in 1887, and this combination will reflect both of their proud histories within a single vehicle with relevance for the investment market place today.

“JGGI offers a style-agnostic total return approach that has delivered index-beating performance, and it distributes an attractive level of dividend to investors.”

The companies have signed ‘heads of terms’ in connection with the proposed deal, which is subject to approval by shareholders of both firms.

Additionally, JPMorgan will be appointed as the alternative investment fund manager of SCIN and will manage the SCIN investment portfolio in line with the investment policy and strategy of JGGI.

Meanwhile, JGGI in a separate statement said that the proposed combination would allow its shareholders to benefit from ‘the greater economies of scale’.

The merger, also subject to regulatory and tax approvals, is expected to conclude in the first quarter of next year.

Following the transaction, SCIN board members will join the board of JGGI.

JGGI board will continue to be chaired by Nigel Wightman until his previously announced retirement at the end of this month. Wightman will be then succeeded by Tristan Hillgarth.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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