Smith & Williamson changes mandate for Asian fund

Smith & Williamson has changed the name and mandate of its Asian fund to reflect a new focus on delivering income.

Following unitholder and regulatory approval, the Far Eastern Growth Trust has been renamed as the Far Eastern Income and Growth Trust.

The firm said there would be no outright target yield but, following a number of changes that are due to be made to the portfolio, it expects the fund to yield around 3 per cent.

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The fund is managed by Jane Andrews and posted a second quartile return of 53.8 per cent in the five-year period to the end of May, Smith & Williamson said.