Fund switch for trustees

By James Thorneley Liontrust Asset Management is suggesting to the unitholders of Liontrust First Growth that they switch into the investment trust Liontrust First UK. Both vehicles have exactly the same portfolios and are managed by Jeremy Lang. The only difference is that the investment trust is 12% geared and is sitting on a 9% discount to NAV. Lang said: "The only problem for unitholders is that the investment trust is quite small in size and its shares are scarce. Many of the unitholders have around £500,000 so would find it difficult to switch completely in the closed-end vehicle....