FIS to convert 25 trusts to Oeic and merge five funds

Friends Ivory & Sime (FIS) is to convert 25 Friends Provident unit trusts into an Oeic and merge five of the existing funds. The proposed conversion, subject to unitholder approval, would see the Equity Trust, UK Focus Trust and UK Growth Trust, all of which are managed by Tim Hurst, rolled into a single equity UK Equity Fund. In addition the Asian Growth Trust, managed by Lee Vincent, and Australian Trust, run by David Wong, will convert into an Asian Equity Fund, if the proposals are voted through by unitholders. A series of unitholder meetings will take place on Monday 12 August at...