Marlborough to merge away UK Income & Growth trust after IMA expulsion

Marlborough Fund Managers is to merge away Geoff Hitchin (pictured) and Nicholas Cooling's UK Income & Growth trust in January.

The fund will merge into the Marlborough Extra Income fund, run by Nigel Beidas and Matthew Rainbird, on 17 January. Formerly sitting in the IMA UK Equity Income sector, the UK Income & Growth unit trust moved to the IMA Unclassified sector in July after failing to meet the IMA's minimum yield requirements for UK Equity Income funds. The fund has returned 12.4% over the three years to 13 December, below the average return of 34.1% for its former peer group, the UK Equity Income sector. Over five years the fund has returned 56.6% compared with an average return of 94%, according to ...