Partners Group Private Equity (PEY), a £576m investment company struggling with performance and a chronic 28% share price discount, is offering shareholders a 30% exit through a new class of realisation shares. The company, whose unquoted investments are run by Swiss fund manager Partners Group, has proposed a dual share class structure giving shareholders the […]

Aberdeen New India (ANII) has moved closer to holding a 25% tender offer next year after underperforming in the year to 31 March. Excluding the impact of capital gains tax, the £304m investment trust reported a 20.3% drop in net asset value compared to the 15.3% decline in the MSCI India index. Shareholders emerged with […]

Saba Capital has moved quickly to urge the new board of Impax Environmental Markets (IEM) to appoint a new fund manager in place of Impax Asset Management. The US activist hedge fund, which holds over 31% of the shares following the recent exit tender offer the former board offered shareholders as an escape route from […]

Fund manager Dan Whitestone has left BlackRock just two months after the Throgmorton investment trust he ran merged with BlackRock Smaller Companies (BRSC). BRSC said Whitestone, who had become co-manager of the £791m trust, had “decided to leave BlackRock to take some time away from the industry”. Roland Arnold, who was the trust’s manager before […]

Residential Secure Income (RESI) has made a major advance in its managed wind-down and Social Housing REIT (SOHO) taken a big step in its recovery strategy under Atrato after the former agreed to sell the latter its retirement property portfolio for £108.3m. SOHO will pay RESI £45m in cash and around £62.3m in new shares […]

Activist hedge Saba Capital has written a second open letter to the shareholders of Workspace Group (WKP), urging them to support the election of a new board and for the flexible office space provider to undertake a three-stage wind-down strategy. Acknowledging that its approach to Workspace had “evolved” as it built up a 24.7% stake […]

Impax Environmental Markets (IEM) has conceded defeat in its battle with Saba Capital, acknowledging that the activist hedge fund, which holds over 31% of its shares after the recent exit tender offer, will succeed in replacing the board at the annual and extraordinary general meetings being held today. Chair Glen Suarez said: “And here we […]

JPMorgan India Growth & Income’s (JIGI) effort to improve performance before a make-or-break tender offer in 2028 has been frustrated by the war in Iran and the sell-off of software stocks, but with valuations attractive and the Strait of Hormuz set to reopen this week the outlook for the £376m investment trust is improving.  Half-year […]

SDCL Efficiency Income (SEIT) has suspended dividends while it reduces debts which had increased to 71.9% of net asset value above a 65% limit. The announcement from the former 14%-yielder came in a circular for a meeting on 10 July for shareholders to approve the managed wind-down proposed in April. Its shares tumbled 25%, or […]

JPMorgan Asset Management has merged a $1.6bn mutual fund into a newly created active ETF, in a move that underlines the growing role of fund conversions in Europe’s active ETF market. The JPM Global Research Enhanced Index Equity Paris Aligned Fund has been merged into the JPM All Country Research Enhanced Index Equity Paris Aligned […]

Monks and HarbourVest Global Private Equity remind investors they also hitched a ride on $2.3trn SpaceX. Monks (MNKS), a £2.4bn investor in global equities, and HarbourVest Global Private Equity (HVPE) are bidding for attention as two of the just seven UK investment trusts that invested in SpaceX before its record $1.77trn (£1.3trn) flotation on Friday.  […]

Robert Naylor, activist chair of Aquila European Renewables (AERS) looks to be preparing to dismiss Aquila Capital for possible breach of contract after suggesting the fund manager may have “withheld information material to the company’s valuation”. In an update to the row that broke out in May when Aquila Capital pulled out of a proposed […]

The Renewables Infrastructure Group (TRIG) has taken a big first step in achieving its 12-month £400m disposal target with the £155m sale of its 17.5% stake in the Beatrice offshore wind farm. TRIG will use the proceeds to reduce the £240m drawn on its credit facility as the £1.7bn investment company prioritises the return of […]

British & American (BAF), the £2m self-managed global equity income trust, has been “surprised” by the resignation of auditor MHA BakerTilley International over its use of an independent valuer to assess its £3.5m of film rights. “Whilst those procedures were completed to our satisfaction, and we concluded that the value recognised by management, supported by […]

Update: Scottish Mortgage (SMT) shares rallied 5% after bullish SpaceX investors shook off a warning from fund manager Tom Slater of the potential for volatility in Elon Musk’s company heading for a record $1.77trn (£1.3trn) flotation this afternoon.   Shares in the £15.9bn Baillie Gifford flagship advanced 68.5p to £14.94 before slipping to close at […]

Partners Group Private Equity (PEY) has written off its €20m (£17.3m) investment in Pharmathen, a Greek developer of advanced drug delivery technologies hit by an import alert from the US Food and Drug Administration (FDA) last year. “Despite major operational turnaround initiatives over the last year,” PEY said restrictions to US exports meant “the implied […]

Picton Property Income (PCTN) has said it is still assessing the joint bid from LondonMetric (LMP) and Schroder Real Estate (SREI) after delivering “solid” results for the year to 31 March. “The company is engaging with all stakeholders and due diligence is ongoing,” the company said in relation to the all-share offer it received a […]

Glenstone, the largest shareholder in Alternative Income REIT (AIRE), has made a £56.3m cash bid for the company, three weeks after making a public approach. The 70p per share offer is 3.5p, or 5.3%, higher than its previous offer of 66.5p which the AIRE board rejected in November 2025. However, it is just 0.4% above […]

Bending Spoons, the unquoted Italian digital turnaround company, has filed plans for a $20bn (£15bn) flotation in the US, boosting Baillie Gifford European Growth (BGEU) and its private equity stable mate Schiehallion (MNTN), which both hold it as a top position. BGEU, a £306m investment trust trying to revive its performance under new fund manager […]

Natixis Investment Managers is preparing to enter Europe’s active ETF market under its own brand, becoming the latest large asset manager to move into a segment that is attracting growing interest from traditional active fund groups. As reported by ETF Stream, Natixis has been filing for upcoming own-brand ETFs in Europe, marking a further step […]

TwentyFour Select Monthly Income (SMIF) says last month’s commitment by Andy Burnham to follow the Labour government’s fiscal rules if he replaces Kier Starmer as prime minister has contributed to the credit fund’s cautious optimism after a half-year marked by turbulence from the Iran war. George Curtis, a portfolio manager at TwentyFour Asset Management, said […]

Pacific Assets (PAC), the £473m investment trust hit by the exit of its Stewart Investors management team last year, is to merge with Schroder Asian Total Return (ATR), offering shareholders a 25% cash exit at a 2% discount. The decision of Sydney-based First Sentier to close its Edinburgh subsidiary following the departure in August of David Gait, […]

Tritax Big Box REIT (BBOX) shares rose nearly 5% to 151p yesterday afternoon after the government approved its data centre development at Manor Farm near Heathrow. Planning consent had originally been expected in the second half of last year but the confirmation means the £4.1bn logistics fund should remain on track with its updated timeline […]

Update: TR Property (TRY) fund manager Marcus Phayre-Mudge has demanded that Unite (UTG) chief executive Joe Lister be held to account for its “disastrous” acquisition of Empiric Student Property. Phayre-Mudge, head of property investment at Columbia Threadneedle subsidiary Thames River Capital, accused Lister and Unite’s management team of “hubris” in pursuing the £723m cash and […]

Saba Capital has bought a 5% position in Grainger (GRI), the £1.1bn residential landlord that has been trading at around a 50% discount to net asset value. Shares in the company rose 4.2% to 159.7p after the activist hedge fund’s stake, mostly held in swap derivatives, was disclosed yesterday afternoon. Saba completed buying the position […]

WisdomTree has expanded its European thematic ETF range with the launch of a new fund targeting the global space economy. The WisdomTree Space Economy UCITS ETF (WSPC) is designed to give investors exposure to companies involved in the development and commercialisation of space-related technologies and services. The fund tracks the WisdomTree Space Economy UCITS Index […]

Lindsell Train (LTI) fund manager Nick Train has invested in US credit scorer FICO, doubling down on an artificial intelligence “winners” bet that has pushed the investment trust to its worst annual loss in 25 years.  Annual results show the now £114m investment trust saw the net asset value (NAV) of its holdings slump 21.3% […]

Update: Shares in ICEYE backers Seraphim Space (SSIT) and Molten Ventures (GROW) have jumped 15% and 12% respectively after the Finnish satellite constellation operator quadrupled its valuation to over €10bn ($12bn, £8.6bn) in a €1bn fund raising. ICEYE’s series F funding round, which is expected to close in the next quarter, underlined how fast the […]

Fidelity China Special Situations (FCSS) beat the MSCI China index in the 12 months to 31 March, although the uncertainty exacerbated by the Iran war sharply reduced its returns from the first half of its financial year when the portfolio advanced 29.7% in a relief rally after the US watered down its initially aggressive tariffs. […]