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BlackRock to wind up £100m energy trust

BlackRock to wind up £100m energy trust

The £107 million BlackRock New Energy investment trust is to liquidate later this month.

Investors had been offered the choice of redeeming their shares or transferring them into BlackRock’s open-ended New Energy fund.

However, investors opted to transfer less than the minimum threshold of £5 million into the open-ended fund and so the entire trust will be wound up this month.

Managed by Poppy Allonby and Robin Batchelor (pictured), the New Energy trust has returned 13.8% over the past three years compared with an average of 15.1% from its AIC sector peer group. The £860 million open-ended equivalent has delivered 3.1% through the same period, while the MSCI World index has gained 38.6%.

‘For investors seeking an alternative to BlackRock New Energy, we believe that the most obvious alternative within the closed-end fund sector is Impax Environmental Markets,’ commented Charles Cade, head of investment companies research at Numis Securities.

The Impax trust holds £372 million of assets, and under manager Bruce Jenkyn-Jones has returned 19.3% over the past three years. Its mandate is wider than New Energy’s, incorporating waste, water and pollution control businesses as well as energy.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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