Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

TwentyFour's debut trust raises £150m

TwentyFour's debut trust raises £150m

The closed-end TwentyFour Income fund has raised £150 million ahead of its float on London's main market.

Offered by TwentyFour Asset Management, the trust aims to generate a net total return of between 7% and 10% by investing in the lower-rated, less liquid tranches of European asset backed securities (ABS), and the vehicle will target a dividend of 5% in its first financial year.

Its launch was revealed by Wealth Manager in January, when investors and analysts tipped the fund to raise up to £200 million at its initial public offering.

Ben Hayward, partner and portfolio manager at TwentyFour, said that as unconventional policy measures have stripped yield from a number of sectors, including fixed income, investors have been quick to consider new strategies.

'European ABS is one of the few remaining areas that offer the potential for attractive risk-adjusted returns,' continued Hayward, adding that TwentyFour's latest launch will give investors access to a part of the market previously the domain of banks and institutional players.

The TwentyFour Income fund will begin trading on the London Stock Exchange today.

Leave a comment
Citywire TV
Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter