Shareholders of the Midas Income & Growth Trust have voted to rename the GBP57 million trust and have given their full backing to the investment manager, the Liverpool-based Seneca Investment Managers.
The trust, which holds a diverse range of global assets, has changed its name to Seneca Global Income & Growth Trust (SIGT).
The rebrand comes after a year of strong performance for the trust, and a narrowing of the discount at which its shares have traded relative to their underlying net asset value.
Shareholders also backed the continuation of the investment strategy led by the trust’s two fund managers, Alan Borrows and Simon Callow, who between them have 52 years of investment experience.
Their approach is currently delivering a dividend yield of four per cent, and the trust aims to increase the dividends paid while also offering the potential for capital growth with less volatility than the market as a whole.
Central to that strategy is a concerted drive to increase the size of the trust.
David Warnock, chairman of Seneca Investment Managers, says: “Both the trust’s board and Seneca’s talented investment management team are committed to an ambitious programme of growth for the Seneca Global Income & Growth Trust.
“While our consistently strong investment performance has cemented our position as a compelling alternative to UK-only funds, we have also reduced the trust’s investment management fees. In due course, we will seek to broaden our appeal even further by adopting a discount control policy.
“Ours is a highly competitive industry, and we are determined to both retain existing investment and attract substantial new inflows through a combination of continued strong investment performance and attractive fees.”