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Bill Prew, Indos Financial

INDOS Financial appointed as depositary by Manchester and London Investment Trust plc

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The independent UK depositary firm INDOS Financial Limited has been appointed as depositary by Manchester and London Investment Trust plc, an investment company with investment trust status that has been listed on the main market of the London Stock Exchange since December 1997.

MNL’s investment objective is to achieve capital appreciation and a reasonable level of income through a policy of actively investing in a diversified portfolio, comprising UK and overseas equities and fixed interest securities. MNL’s market capitalisation as of 18 January 2018 was GBP114.6 million, and it was ranked by FE Trustnet as the third best performing UK investment trust in 2017 in total return terms.

Bill Prew (pictured), CEO of INDOS, says: “We are delighted to have been appointed as depositary by MNL. The appointment validates our firm belief that independence of the depositary from other service providers to the fund enhances fund governance. The appointment is another step towards our aim to become a leading depositary to the UK investment trust sector and a genuine alternative to the traditional bundled service model within the industry.”

Brett Miller, Head of Governance at M&L Capital Management Limited, MNL’s Alternative Investment Fund Manager, says: “We selected INDOS because we were looking for an independent depositary that would add value to our business beyond simply enabling us to meet our regulatory obligations. INDOS took a proactive and flexible approach throughout the on-boarding process and we are looking forward to working with the team”.

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