Prudential to close Maximum Income Trust

Originally launched by Scottish Amicable Unit Trust Managers in January 1990, the fund is managed by M&G's Ben Lord and had £300m of assets at end 2009. The group says the vast majority of the fund has been owned by a number of corporate investors for several years. "These investors recently notified us of their intention to sell their holdings, and as a result the trust will be of insufficient size to provide the level of diversification we would expect a fund of this nature to have nor will it be possible to manage it cost-effectively," Pru says. Prudential is offering switches i...