Williams' MAM trust meets £50m target in IPO

Gervais William's first launch through MAM Funds in his new role as managing director has met its capital raising target of £50m.

The Diverse Income trust, which saw its listing on the London Stock Exchange finalised today, issued 100m shares priced at 50p each. MAM previously said it was targeting £50m or up to £60m through its share offer, but would consider increasing the size of the issue to up to £100m if it was oversubscribed. Williams, the former head of smaller companies at Gartmore, will manage the Diverse Income trust, a small- and mid-cap biased equity income trust targeting a 4% dividend yield. It will pay dividends quarterly, with the first interim payout to be declared in September and paid in N...