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Perpetual Income and Growth Investment Trust announces merger with Murray Income Trust

The board of Perpetual Income and Growth Investment Trust have concluded their search for a new manager. They have agreed to combine assets with Murray Income Trust, which is managed by the UK Equities team at Aberdeen Standard Investments (ASI).

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

The Board of Perpetual Income & Growth Investment Trust have concluded their search for a new manager. They have agreed to combine assets with Murray Income Trust, which is managed by the UK Equities team at Aberdeen Standard Investments (ASI). Murray Income Trust manager Charles Luke will be the lead portfolio manager of the combined trusts, supported by the experienced equities team at ASI.

The resulting merger will create one of the largest investment trusts in the UK Equity Income sector, with gross assets in excess of £1 billion. The transaction, pending shareholder and regulatory approval, is expected to conclude towards the end of 2020.

The three current Perpetual Income and Growth Investment Trust directors, Richard Laing, Alan Giles and Georgina Field, have been invited to join the board of Murray Income Trust upon completion of the transaction. Murray Income Trust’s Neil Rogan will remain Chairman of the Board.

The two trusts both target a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. All income is variable and not guaranteed.

Before the completion of the merger the board of Perpetual Income and Growth Investment Trust intends to pay a pre-liquidation interim dividend to its shareholders to reflect the distribution of its revenue. Once Perpetual Income and Growth Investment Trust is put into liquidation, their shareholders will either be issued with new Murray Income Trust shares or offered a cash option which is limited to 20% of the company’s shares in issue.

The blended management fee will target a reduction in annual charge from 0.5% to 0.38%. If held in a SIPP or ISA the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share account.

We will continue to monitor the merger and will update clients with any further changes in due course.

Annual percentage growth
Jul 15 -
Jul 16
Jul 16 -
Jul 17
Jul 17 -
Jul 18
Jul 18 -
Jul 19
Jul 19 -
Jul 20
Murray Income Trust 4.8% 14.9% 6.8% 10.7% -9.1%
Perpetual Income & Growth Investment Trust -4.3% 3.9% -5.4% -13.6% -28.2%
FTSE All-Share 3.8% 14.9% 9.2% 1.3% -17.8%

Past performance is not a guide to the future. Source: Lipper IM to 31/07/2020.


Find out more Murray Income trust, including charges

Murray Income trust key information document


Find out more Perpetual Income and growth trust, including charges

Perpetual Income and growth trust Key information document

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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