Polar Capital Holdings plans an investment trust aiming to produce dividend income plus capital growth by investing in a diversified global portfolio of equity, debt and other securities of listed financial stocks.
The Polar Capital Global Financials Trust will have a fixed life to May 2020, and seeks a premium listing on the London Stock Exchange.
Fund managers Nick Brind and John Yakas say they expect the return and re-basing of bank dividends to be a major catalyst for the financial sector, which accounts for 20% of the world’s stock market capitalisation.
The fund will seek to pay dividends at the rate initially of 3.1 pence per year, with the aim of increasing the dividend progressively thereafter.
Investors pay an annual management fee of 0.85%, based on the lower of market capitalisation or net asset value. A performance fee may also be payable at the end of the company's life.
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