Merrills discount down

Merrill Lynch UK Investment Trust has seen its discount to NAV narrow from 14% to 7% over the six months to 31 March 2001. Ian Barby, managing director, investment trusts, said the £200m trust, run by Steve Thompson, has been taking the view of absolute risk rather than relative risk and does not use index weightings in the way it is run. The company, which changed its name from Mercury Keystone Investment Trust to Merrill Lynch UK Investment Trust on 29 December 2000, has been managed by Thompson since November 2000. Since that time, Barby said, the base management fee has reduced from...