In QuotedData’s morning briefing 24 October 2024:
- Alliance Witan’s investment manager, Willis Towers Watson has completed the transition of assets from Witan Investment Trust to Alliance Witan (ALW). Blackrock Inc. helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to also make a manager change, replacing Black Creek Investment Management with EdgePoint Wealth Management. EdgePoint, based in Toronto, is an employee-owned business, founded in 2008. It manages $25bn of client assets, as of 30 June 2024, and seeks to buy good, undervalued business and hold them until the market fully realises their potential.
- Alternative Liquidity Fund (ALF) says it has increased its provision for its wind-down costs. This arises from a potential increase in the length of the estimated wind-down period, and has resulted in a reduction in the reported 30 June 2024 NAV per share from 7.28¢ per share as announced on 25 September 2024 to 6.75¢ per share.
- AEW UK REIT (AEWU) has reported a 3.0% uplift in NAV to 109.05p per share for the quarter to 30 September 2024. NAV total return was 4.85% for the quarter. The value of its portfolio was up 2.9% on a like-for-like basis. EPRA earnings per share for the quarter was 2.68p (June 2024: 2.26p), while underlying earnings was 2.17p (June 2024: 1.92p). This fully covered its quarterly dividend of 2p.
- Assura Group (AGR) has sold 12 assets for £25m, in line with the current book value. The proceeds will enable a partial repayment of the group’s revolving credit facility (RCF). The company said that it was in discussions on further tranches of asset disposals with an aggregate value of around £110m, being a mixture of both portfolio disposals and assets for transfer into its joint venture partnership with USS. In addition, a further pipeline of 27 assets with an aggregate value of £90m have been identified and preliminary work on the possible disposal of these assets has commenced. As such, the company said that it remains on track with its target to reduce net debt to EBITDA below 9 times and LTV below 45% over the next 18 – 24 months.
- Aquila European Renewables (AERI) has appointed Rothschild & Co to oversee the sale of its portfolio as part of the managed wind down process. Terms have not been disclosed [they probably should have been].
We also have:
Asset allocation weighs on abrdn Asia Focus returns relative to benchmark
Schroder BSC Social Impact working to secure sustainability impact label
Schroder Oriental Income navigates weak Chinese market successfully
VinaCapital Vietnam Opportunity new team in place following sad passing of Andy Ho
CQS City Natural Resources benefits from substantial discount narrowing
