Baillie Gifford seeks £250m with trust launch

US_congressBaillie Gifford, one of Scotland’s best known asset managers, is launching a US equity investment trust and is targeting £250 million (€282 million) of investment.

The Baillie Gifford US Growth Trust plc will invest in companies in the US or which do a significant amount of their business in the US.

It is targeting listed companies with a market capitalisation of $1.5 billion (€1.2 billion) and unlisted securities with pre-raise valuations of at least $500 million.

The maximum amount of holdings will be 90 and the portfolio will be managed by Gary Robinson and deputy managers, Helen Xiong and Andrei Kiselev. They are also members of Baillie Gifford’s US equities team and managers of the £924 million Baillie Gifford American Fund which has returned 165% over five years, according to the firm.

The trust will have an ongoing annual management charge of 0.70% on the first £100 million of the net asset value of the company and 0.55% thereafter.

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