Aviva Investors is set to merge Chris Murphy's UK Income & Growth fund into his UK Equity Income portfolio, subject to shareholder approval.
The fund group is proposing to merge the two portfolios on 30 January after being notified the largest shareholder in the £76m UK Income & Growth fund - responsible for almost 50% of assets - is to redeem its position. “When this money is withdrawn, the size of the merging fund will drop to approximately £39m, and ongoing charges will increase for remaining investors. The merging fund has also not attracted a level of external investment which allows it to remain viable and has limited opportunities to grow in size,” Aviva Investors said in a letter to shareholders. The merger means t...
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