Murray Income Trust has appointed Artemis as its new investment manager following a strategic review.
The £942mn trust published the outcome of its review, launched in July, this morning (November 20).
Peter Tait, chair of Murray Income Trust, said: “The board received a large number of hugely credible proposals as part of the strategic review and after a comprehensive review of the company’s options, we are confident that Artemis’ proven UK equity income investment capability, track record, and marketing expertise will position Murray Income Trust strongly for the future.”
The trust was previously managed by Aberdeen and Tait thanked Charles Luke from the company for working with Murray Income Trust.
Stepping in to manage the investment trust will be Artemis’ UK equity income team of Andy Marsh, Nick Shenton and Adrian Frost.
This change is expected to take effect in the first quarter of 2026 and Artemis is set to receive an annual management fee of 0.40 per cent per annum on the first £750mn, 0.375 per cent on the next £250mn, and 0.35 per cent per year above this.
As part of the deal, Artemis is set to waive its management fee for the first nine months and will make a “significant contribution” to the company’s marketing budget.
Teun Johnston, chief executive of Artemis, said: “We are delighted to have been chosen by the board of Murray Income Trust to deploy our cash flow focused strategy.
“Our objectives align closely with those of the trust, and our approach is well-suited for investors seeking long-term capital and income growth.
“The investment company structure affords us the flexibility to enhance long-term returns through the prudent use of gearing and to sustain a progressive dividend even in varied market conditions.”
tara.o’connor@ft.com
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