Veteran investor Terry Smith’s new emerging markets investment trust has raised £193m in its offer period.
The manager previously said he hoped to raise between £100m and £250m for the Fundsmith Emerging Equity Trust (Feet) meaning he has raised towards the upper end of his target.
The size of assets gathered also makes it the largest conventional equities investment trust since the launch by Anthony Bolton of the Fidelity China Special Situations investment trust in 2010. The charity fund of funds Battle Against Cancer Investment Trust did, however, raise more than Mr Smith.
Mr Smith’s trust is set to be listed on the London Stock Exchange when the market opens at 8am on June 25.
The trust will be managed in much the same way as Mr Smith’s successful Fundsmith Equity fund, investing in a small number of high quality businesses with a long-term investment horizon.
Assisting Mr Smith on the trust will be head of research Julian Robins along with analysts Tom Boles, Jonathan Imlah, Michael O’Brien and Sandip Patodia.
Mr Smith is set to stand down soon as chief executive of financial broking firm Tullet Prebon in order to concentrate on his fund management responsibilities.
