Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

McLeod-Clarke's BlackRock Income takes aim at discount

McLeod-Clarke's BlackRock Income takes aim at discount

The board of BlackRock Income has taken aim at the vehicle's discount - roughly a year after it switched the trust's manager.

BlackRock Income directors said they have decided to use their share buyback powers to keep the fund's share price trading at or around net asset value (NAV). 

Currently, the board's policy is not to buy shares to hold in treasury at a discount of less than 4%, however this will be tweaked to enable the trust to buy at any discount.

Jonathan Cartwright, chair of BlackRock Income, said 'The board and BlackRock are committed to building the company to deliver both capital and dividend growth for shareholders over the long term.  The revised buyback policy should prove attractive to new shareholders and provide reassurance to existing investors who should see an improvement in liquidity in the company's stock.'

It follows a move by the trust, which is now managed by Nick McLeod-Clarke (pictured) and Adam Avigdori, to increase shareholders' final dividend for 2012, representing the trust's first increase in its final investor payout for three years.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Adam Avigdori
Adam Avigdori
51/83 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 35.75%
Nick McLeod-Clarke
Nick McLeod-Clarke
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter