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.

TwentyFour bond launch tipped to raise £200m

TwentyFour bond launch tipped to raise £200m

TwentyFour Asset Management is seeking to raise up to £200 million for its latest launch, a closed-end income fund.

If its flotation is successful, fixed income specialist TwentyFour will target a net total return of 7% to 10% by investing in a diversified portfolio of European and UK asset backed securities.

The TwentyFour Income fund has a dividend target of 6p per annum, payable annually, and the pay out to shareholders during the vehicle's first year is expected to be around 5p.

According to its prospectus, fund manager TwentyFour will hunt for suitable investments principally in the secondary market, snapping up no more than 50 portfolio assets once the fund is fully invested, a process expected to take three months.

TwentyFour currently has £1.3 billion in assets under management, and according to broker Numis Securities it is hoping to raise between £100 million and £200 million via its latest launch.

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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter