Protego Real Estate Investors and Threadneedle Asset Management Limited have reported the completion of the merger of their respective balanced UK funds, the Protego UK Property Fund and Threadneedle Property Unit Trust, first announced on October 2.

The merger was proposed to the Protego fund's shareholders as providing them with a larger and better diversified portfolio, a lower total expense ratio thanks to operational synergies, and improved liquidity.

The plan received 100 per cent approval from the Protego UK Property Fund investors. They now become unitholders in the enlarged Threadneedle Property Unit Trust, which will continue to be managed by Threadneedle Asset Management.

'Our principle consideration in proposing this merger to the fund's shareholders was the protection of their long-term interests in an increasingly difficult investment market,' says Nick Pink, Protego's managing director for UK Investment. 'The unanimous support we received to the proposal is a testament to this solution as well as an endorsement of the Threadneedle Property Unit Trust and its excellent track record.'

Chris Morrogh, who manages the fund and is also director of Threadneedle Property Investment, says: 'We are naturally very pleased that the Protego fund's shareholders have given their unanimous support to becoming investors in Threadneedle Property Unit Trust.

'This merger has secured further property portfolio and investor diversification for the trust in a highly cost-efficient manner. Being a consequence of a fund merger, these benefits have been generated without capital commitment by the trust.'

       

Latest Jobs

Upcoming Events