Terry Smith raises £193m for Fundsmith EM trust

Terry Smith’s trust had aimed to raise between £100m and £250m during the offer period, which ran from the start of June to last Friday (20 June). Smith (pictured) said the total cost of the issue, at 0.4%, represents what he believes is “a record in the investment trust sector if not the IPO market as a whole”, due to Fundsmith saving on initial placing fees by undertaking most of the marketing in-house. He added the shareholder base of the trust includes some of the UK’s “largest and most sophisticated investors”. The trust will follow the same investment process as Smith’s popul...