TwentyFour AM plans mandate change for Income trust

Will allow more access to European ABS

TwentyFour Asset Management is considering increasing the flexibility of its closed-ended Income Fund to allow more access to European asset backed securities.

In the trust's half-yearly report, the firm said it intends to put proposals forward by the end of this month. This follows consultation with the trust's major shareholders.  The proposals would include changes to the investment policy, which would allow the managers greater flexibility to take advantage of European ABS opportunities to boost returns. Trevor Ash, chairman of the trust, said: "The portfolio manager intends to use only gradually the greater flexibility proposed, and it is expected that the portfolio will continue to be significantly backed by UK and Northern European co...