Perpetual Income and Growth (PLI) investment trust will be combined with Aberdeen Standard Investments' Murray Income Trust (MUT) to create a £1.2bn UK equity income mandate.
The £642m PLI will be absorbed into the £581m MUT, pending shareholder approval, with the enlarged trust being run by ASI's Charles Luke. PLI shareholders will be offered a cash exit for up to 20% of the shares in issue. The news comes following PLI's search for a successor to Invesco's Mark Barnett, the mandate's former manager. Speculation had been rife that the sacking of Barnett from PLI and Alastair Mundy leaving Temple Bar would result in consolidation within the Association of Investment Companies' UK equity income sector. Consolidation expected as heavyweight UK equity income ...
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