British Assets Trust shareholders have almost unanimously given their approval to plans to change the trust’s mandate to a multi-asset income strategy.
The trust’s shareholders have also approved proposals to change the trust’s name to BlackRock Income Strategies Trust.
From February 27, BlackRock’s multi-asset team, led by Adam Ryan, will take on the management of the portfolio after 97 per cent of shareholders approved the switch to BlackRock from previous managers F&C Investments.
The trust’s board said the existing portfolio - mostly UK equities with a few overseas equities and corporate bonds - “will be restructured over the next month in accordance with the new investment policy and a further announcement will be made once the restructure has been completed”.
The BlackRock Income Strategies Trust is set to be one of the flagship retail products in BlackRock’s drive to provide multi-asset income solutions targeted towards retirees taking advantage of new pensions freedoms legislation coming into force in April.