Murray Income (MUT), the £883m underperforming UK equity income investment trust, has appointed Artemis to turn around the fortunes of the 102-year-old fund.
Concluding a strategic review begun in July, the board said it had picked the Artemis UK equity income team of Adrian Frost, Andy Marsh and Nick Shenton to run its portfolio.
The trio run the £5.3bn Artemis Income open-ended fund that has achieved a top quartile performance in its sector over one, three, five and ten years, Murray Income said.
Chair Peter Tait said: “The board received a large number of hugely credible proposals as part of the strategic review and after a comprehensive review of the company’s options, we are confident that Artemis’ proven UK equity income investment capability, track record, and marketing expertise will position Murray Income Trust strongly for the future. We thank Charles Luke and Aberdeen for their long-standing service and look forward to working with Artemis to deliver value for our shareholders.”
The move to Artemis is expected to take place in the first quarter of next year. It marks a return to the investment company sector for the fund manager after it lost the mandate to run Mid Wynd International (MYI) to Lazards in 2023.
For Aberdeen it represents a further contraction in its stable of investment trusts although it was over-represented in the UK equity income sector where it also manages Aberdeen Equity Income (AEI), Dunedin Income Growth (DIG) and Shires Income (SHRS).
