US investment groups Alliance Bernstein and Goldman Sachs have both launched active bond ETFs with the former marking its entry into Europe’s actively managed exchange-traded fund market. Nashville-based Alliance Bernstein, which runs $839bn in asset management and private wealth, plans to list three active fixed income ETFs – the AB Global, AB USD and AB […]

Saba Capital, the activist hedge fund, has requisitioned a general meeting of shareholders to remove the board of Impax Environmental Markets (IEM). The US firm emerged with a powerful 29.9% stake in the £832m investment trust last week following an exit tender offer organised by the board that saw nearly 78% of the shares put […]

Seraphim Space (SSIT), the £520m investor in unquoted, early-stage space tech companies, is looking to raise up to £350m in the C-share issue it announced earlier this month. According to a statement this morning, there is a Retail Book offer to private investors and an institutional placing both at £1 a share. The money raised […]

Edinburgh Worldwide (EWI) has proposed holding two tender offers, or exit opportunities, if its board survives another crunch shareholder vote brought by Saba Capital on Thursday. The board of the Baillie Gifford managed global smaller companies investment trust needs around 75% of shareholders to vote at the annual general meeting (AGM) on 30 April to […]

TwentyFour Select Monthly Income (SMIF) has bounced back from the fund’s worst month in three years when its portfolio of bank and corporate debt fell 2.7% in March. The declaration of a top-up interim dividend and resumption of share issuance shows the £300m investment company is back on track after being knocked by the fallout […]

The outgoing fund managers of Golden Prospect Precious Metals (GPM), last year’s best-performing investment company, remain confident about the portfolio’s prospects despite a 22.7% slump in net assets last month caused by the turmoil in the Middle East. Keith Watson and Robert Crayfourd, who are leaving Manulife CQS for Tufton Investment Management, said counterintuitively gold […]

HANetf, in partnership with London Stock Exchange Group, hosted a breakfast event on 22 April titled “How to enter the European UCITS ETF market”. After introductory remarks from Katya Gorbatiouk, head of investment funds at LSE, David McNay kicked off the event with a presentation titled “Themes and Trends: Top of Mind for Capital Allocators”. […]

North American Income Trust (NAIT) has outperformed in its first full year at Janus Henderson after switching from Aberdeen in August 2024. For the year to 31 January the £468m investment trust managed by Francis Radano and Jeremiah Buckley delivered an underlying total return of 8.8%. This beat the 4.9% return in sterling from the […]

Bluefield Solar Income (BSIF) and RM Funds manager Pietro Nicholls have welcomed the government’s move to cut the carbon price support tax and encourage renewable funds on new fixed price contracts. BSIF, a £484m investment company that is up for sale along with its fund manager Bluefield Partners, said the removal of CPS would knock […]

Tufton Assets (SHIP), the £331m tanker fleet operator, is getting a third portfolio manager as part of changes prompted by the retirement of its fund manager’s founder. Ted Kalborg, who established Tufton Investment Management in 1985, has stepped down as chairman. He is replaced by chief executive Andrew Hampson, who in turn is succeeded by […]

The UK government has unveiled a broad package of energy reforms aimed at reducing the influence of volatile gas prices on electricity bills, alongside fresh support for clean power, grid investment and electrification. The measures come as renewed geopolitical tensions and disruption in the Middle East have once again exposed the UK’s reliance on international […]

Impax Environmental Markets (IEM) has responded to the statement from Saba Capital yesterday that it holds 29.9% of the trust, saying that IEM’s tender offer remains on track, allowing shareholders who elected to tender to exit close to NAV. IEM’s board has reiterated that Saba did not confirm its tender elections ahead of the deadline, […]

AEW UK REIT (AEWU) has withdrawn its bid interest in Alternative Income REIT (AIRE) after talks over an all-share offer broke down. The £165m smaller commercial properties fund announced its interest in AIRE a month ago on the same day that LondonMetric Property (LMP) and Schroder Real Estate (SREI) confirmed their interest in a potential joint bid for […]

State Street Investment Management has launched the Saudi Arabia Enhanced Active Equity UCITS ETF, giving European investors a first active ETF route into Saudi equities. The Saudi state’s Public Investment Fund (PIF) has provided a $100m anchor investment. The launch extends the partnership between the two groups after PIF’s $200m seed investment in State Street’s […]

Update: Impax Environmental Markets (IEM) has conceded that Saba Capital will have “effective control” of the investment trust following the completion of the exit tender offer from which the activist hedge fund will emerge with a 29.9% stake. The holding, which will increase from the current 21%, puts Saba in a powerful position to replace […]

Shares in renewable energy providers and infrastructure funds rose today after the government clarified that its plan to break the link between electricity and volatile gas prices would not affect generators accredited under the long-standing renewables obligation (RO) incentive scheme. Energy secretary Ed Miliband and the chancellor Rachel Reeves announced an immediate hike in the […]

State Street has forecast that actively managed ETFs will overtake passive products in Europe by launch numbers in 2026, marking what it sees as the next stage in the region’s ETF development. In its 2026 ETF outlook, titled “From wrapper to backbone”, the firm reports that active strategies gathered more than $38bn of inflows in […]

Gresham House Energy Storage (GRID) hopes to generate £25m in “alternative revenues” which could mitigate the financial impact of the delay in connection dates announced earlier this month. In annual results the £425m battery fund said it had begun trials in December of a new strategy to capture more margin when optimising or improving the […]

Scottish Mortgage (SMT) has issued its first shares in nearly five years as the £15.6bn Baillie Gifford flagship looks to regain its 2021 peak and finally recover from the painful 2022 and 2023 crash. With its shares trading at a 4% premium to net asset value, compared to an average 8% discount below NAV in […]

RTW Biotech Opportunities (RTW) has reaped a 143% return from backing the sector’s biggest ever flotation in the US as the £725m investment company continues to benefit from the newfound optimism in biotechnology. Kailera Therapeutics (KRLA), a Massachusetts-based obesity specialist that RTW’s fund manager helped found two years ago, raised $625m (£463m) on Thursday as […]

Edinburgh Worldwide (EWI) has attempted to gee up its long-term shareholders for a third defence of the investment trust against Saba Capital, saying the board will offer the hostile hedge fund and its supporters another exit opportunity if it survives the vote at the annual general meeting (AGM) on 30 April. Although Saba succeeded in […]

Impax Environmental Markets (IEM) is considering its future after 77.8% of shares in the £825m investment trust were put up for sale in last week’s exit tender offer. Analysis by the board indicates that Saba, the hostile hedge fund that was threatening to take over the company, tendered its 21% stake despite apparently not voting […]

BlackRock Throgmorton (THRG) shares have been delisted after shareholders in the £524m investment trust approved its merger with sister trust BlackRock Smaller Companies (BRSC). The resolution to reconstruct and liquidate passed with 91.3% of votes in favour on turnout of 31.4%. BRSC will buy £303m of net assets from THRG shareholders who chose to roll […]

Update: The government has announced plans to remove the carbon price support (CPS) tax on fossil fuels used in electricity generation, putting more pressure on the valuations of renewable funds. Greencoat UK Wind (UKW), one of the loudest critics of the government’s change to the inflation link in renewable subsidies late last year, says its […]

The second half of last year provided no let up forJPMorgan US Smaller Companies (JUSC) whose underperformance against the Russell 2000 index worsened, its annual report today shows. The £213m investment trust managed by Don San Jose, Daniel Percella and Jonathan Brachle at JP Morgan Asset Management with a “growth at a reasonable price” philosophy, […]

Fidelity has provided more detail on the ETF flows for March in which actively managed exchange traded funds shone comparatively brightly.  According to ETFbook,com data analysed by Fidelity, ETFs saw net inflows plunge to $12.1bn (€10.3bn) during last month’s market turbulence when across the world share and bond prices fell in response to the surging […]