Endowment Policy investment trusts will receive between a 5-10% NAV uplift if Standard Life is demut...
Endowment Policy investment trusts will receive between a 5-10% NAV uplift if Standard Life is demutualised, Merill Lynch estimates. The market reacted to the news of a vote on Standard Life's mutual status by buying shares in investment trusts with exposure to the Scottish insurer's products. On 26 April, the discounts narrowed on Barclays Global Investors (BGI) and Dresdner RCM's range of endowment policy trusts, totalling £229m in market cap with each having around a 20% portfolio exposure to the insurer's policies. BGI Endowment Fund II's share price rose by 6.5p narrowing the disc...
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