MURRAY INCOME
TRUST PLC
Legal Entity Identifier (LEI):
549300IRNFGVQIQHUI13
30 August
2024
Reduction in Management Fee
Murray Income Trust PLC (the
"Company") announces that it has reduced and simplified its
investment management fee arrangements with abrdn Fund Managers
Limited (the "Manager").
With effect from 1 July 2024, the
annual investment management fee is calculated as 0.35% of the
Company's net assets up to £1.1 billion and 0.25% of any net assets
above £1.1 billion. Formerly, the fee was 0.55% on the first £350
million of net assets, 0.45% on net assets from £350 million to
£450 million and 0.25% on any net assets in excess of £450
million.
Peter Tait, Chair,
commented:
"I
am very pleased to announce that the Board of Murray Income Trust
PLC has come to an agreement with the Manager for a revised fee
schedule to be applied from the beginning of the Company's current
financial year, 1 July 2024. The headline fee rate will now be
0.35% on the first £1.1 billion of net assets in the
portfolio. We believe that this is a competitive fee in the
universe of UK equity income funds and should prove attractive to
both existing and potential shareholders."
Enquiries:
For further information, please
contact:
Stuart Reid
abrdn Holdings Limited
Secretaries
Email:
cef.cosec@abrdn.com
About the
Company
Murray Income Trust PLC, established in 1923,
is an investment trust aiming for high and growing income with
capital growth through investment in a portfolio principally
composed of UK equities. Managed by abrdn, a leading global asset
management company, the Company has a market cap approaching £1
billion, is listed on the London Stock Exchange and is a
constituent of the FTSE-250 Index.
The Company is recognised as a 'Dividend Hero'
by the Association of Investment Companies, boasting a 51-year
track record of annual dividend increases, making it an attractive
choice for risk-averse income seekers. The Manager's investment
process prioritises quality characteristics, targeting exceptional
companies by thoroughly evaluating their management, finances, and
business models first-hand. This rigorous approach aims to build a
portfolio capable of delivering a high and growing income, with
dividends paid quarterly.
The Manager employs a '3D' investment approach
- dependable, diversified, and differentiated - to identify
high-quality large-cap companies with robust earnings potential, as
well as small and mid-cap companies with strong growth prospects.
The ability to invest up to 20% of the portfolio in overseas-listed
companies provides differentiation from peers.
The Board of the Company and the Manager
believe that investment in the UK equity income sector offers a
compelling opportunity, with investors increasingly recognising
that dividends are a key driver of long-term total equity returns.
Many areas of the UK market have seen dividends rebased and pay-out
ratios remain modest, providing a strong foundation for dividend
growth. The Manager's focus on quality companies gives investors
access to predominantly global businesses capable of delivering
appealing long-term earnings and dividend growth.
For more information, or to sign up for regular
updates from the Company, please visit: www.murray-income.co.uk.
END
