Saracen to merge two global funds

Saracen is to merge its SMT Saracen Global Equity Income fund with its Global Income & Growth vehicle.

Saracen has managed the SMT fund since last September, but the two vehicles will officially merge next Monday.

The combined fund will be over £16 million in size and Graham Campbell and Daniel Leaf will continue to manage it.

Commenting on the change, Campbell, who is also Saracen's chief executive, said: We believe this is in recognition of the excellent performance of Saracen Global Income and Growth and the larger fund should appeal to potential investors.

'Equity valuations remain attractive and we are confident our long-term research-based approach will continue to deliver growth in both capital and income for our investors.'

The Saracen Global Income & Growth fund primarily invests in large, global businesses which are strongly positioned in their markets.

These companies include Atlas Copco, BASF, Colgate Palmolive and Novartis, and since the fund's launch in June 2011 Saracen Global Income & Growth has achieved a total return of 19.8%.

This is compared to the 14.4% total return on the FTSE All Share Index.