Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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.
Citywire TV
Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter