Terry Smith beats Woodford with record £822m Smithson launch

Terry Smith has raised a record £822.5 million for his new Smithson investment trust, beating the previous peak set by Neil Woodford’s Patient Capital (WPCT ) trust three years ago.

Notwithstanding the star manager’s popularity, the response to the initial public offer (IPO) is impressive given it took place during a period of stock market uncertainty.

It far exceeds the revised £600 million target that the global smaller companies trust announced last week when it said it was seeing ‘very significant’ investor demand. Its original target set last month was £250 million.

All investor subscriptions will be met in full, the company said. Just over 82 million shares will be issued at £10 with trading starting on Friday.

The portfolio will be managed by Simon Barnard and Will Morgan, with Smith, a Citywire AAA-rated fund manager, acting as chief investment officer. 



READ SOURCE

READ  Hong Kong stocks head for best week in over 3 years

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here