MAM to launch all-cap income trust for Gervais Williams

The Diverse Income trust will list on the London Stock Exchange in April, and will aim to raise £50m through an issue pricing shares at 50p each. It will target an initial annualised dividend yield of 4% with a quarterly payout. The new trust will have a diverse portfolio with stock weightings at between 1% and 1.5%, including exposure to the full market-cap spectrum, but with a bias towards the smaller end. It will have a management fee of 1% and an unlimited lifespan. Williams has just landed at MAM, having left his role as head of smaller companies at Gartmore last year. He also...