Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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.
Citywire TV
1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: how career burnout led to a family office launch

Profile: how career burnout led to a family office launch

I was burnt-out from a career in finance and had no desire to come back, says the founder of Blu Family Office

Wealth Manager on Twitter