Schroder UK Growth trust sees discount jump after Dean exit

The discount on Julie Dean's Schroder UK Growth investment trust has jumped sharply in the last few days following the announcement of her exit from the group.

Having traded on a discount to NAV of 5% at the close of play on Friday, the gap widened to a closing level of 8.5% as of Tuesday evening, according to Winterflood Securities. The current discount is significantly higher than its 12-month average of 2.3%, though much of the initial move out to 5% was caused by the trust's lacklustre recent performance. The NAV is down 1% in the last 12 months, compared to a FTSE All Share gain of 8%. The last time the discount was as wide as its current level was when former manager Richard Buxton stepped down in May 2013, to be replaced by Dean. T...