What's New In Investments, Funds? - BNY Mellon IM, Fundsmith

Editorial Staff

5 September 2018

BNY Mellon IM
, founded by Terry Smith, has started a new investment trust which intends to launch an initial public offering.

Smithson Investment Trust, a newly-established investment trust, is seeking to raise up to £250 million ($321 million) via a placing, an offer for subscription and an intermediaries offer of ordinary shares in the capital of the company. A 12 month placing programme will also be launched, it said in a statement.

Smithson’s investments will be focused on a global basis on small and medium sized companies between £500 million and £15 billion in market capitalisation, and an average of £7 billion.

The Smithson investment management team will be led by Simon Barnard as investment manager and Will Morgan as assistant investment manager. In addition, Terry Smith, in his capacity as chief investment officer of Fundsmith, will also provide advice and support to Barnard and Morgan. Jonathan Imlah will also assist as research analyst.