Future of ITs at Legg Mason in the balance

Professional Adviser
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Legg Mason's continued participation in the investment trust market hinges upon whether the zerohold...

Legg Mason's continued participation in the investment trust market hinges upon whether the zeroholders in its International and European Utilities trusts vote to rollover the respective vehicles. The £177.8m International Utilities trust is due to be wound up on 31 December unless a prior special resolution or reconstruction proposal is passed at an EGM. European Utilities faces a 31 July 2004 wind-up date. If the £207.6m combined mandates are closed, besides losing around £1.6m in annual management fees, the group will review whether it should withdraw from the investment trust marke...

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