London Stock Exchange welcomes Smithson Investment Trust to the Main Market

Today London Stock Exchange welcomed Smithson Investment Trust (Smithson) to celebrate its launch and admission to the main market, having raised £822 million through an Initial Placing, Offer for Subscription and Intermediaries Offer. 

Smithson’s investments will be focused on a global basis on small and medium sized companies between £500 million and £15 billion in market capitalisation, and an average of £7 billion. The Company’s investment manager will be Fundsmith LLP, a fund management company established in 2010 by Terry Smith which currently manages over £18 billion.

The Smithson investment management team will be led by Simon Barnard as investment manager and Will Morgan as assistant investment manager. In addition, Terry Smith, in his capacity as Chief Investment Officer of Fundsmith, will also provide advice and support to Simon and Will, who will look to draw on Terry's decades of investment experience and expertise. Jonathan Imlah will also assist as research analyst.

Mark Pacitti, Chairman of Smithson, commented:

“I am delighted Smithson is listing on the main market of the London Stock Exchange, having received considerable support from a broad range of investors. A listed investment trust is more suitable for Smithson given it will invest in small and mid cap companies that tend to be less liquid, we can control the size of the fund and we won’t be forced to buy or sell based upon investor flows. I am grateful for Fundsmith’s innovative step to absorb all the issue costs as the investment manager which removed the concern that investors participating in the IPO would be subject to an initial loss from these costs.”

Investec Bank plc acted as sole sponsor, bookrunner, broker and intermediaries offer adviser in relation to the Initial Issue and are the Company's sole broker.

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
2,177.04
Listing/Admission to trading
19 Oct 2018
Looking for new and recent issues?

More recent

London Stock Exchange welcomes EnSilica plc to AIM

EnSilica is a designer and supplier of mixed signal ASICs (Application Specific Integrated Circuit). ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage.  ASICs help differentiate products through optimised hardware making products smaller, faster, lower power, improved security, add

Learn more
60.84
London Stock Exchange Group welcomes The Future Investment Initiative Institute, celebrating the launch of the FII regional summit “Inclusive ESG for Emerging Markets”

The Future Investment Initiative (FII) Institute is a new global nonprofit foundation with an investment arm and one agenda: Impact on Humanity. Global, inclusive and committed to ESG principles, the FII Institute fosters great minds from around the world and turn ideas into real-world solutions in four critical areas: AI and Robotics, Education, Healthcare and Sustainability. The FII Institute

Learn more
European Assets Trust PLC celebrates 50 years.

This year, European Assets Trust PLC celebrates its fiftieth anniversary since launch in May 1972. The Company was created in 1972 following the acquisition of a Dutch investment company ‘Mijbeb NV’ by a consortium of United Kingdom institutional investors and the appointment of a predecessor of BMO Investment Business Limited as its Manager.

Initially the Company was listed solely on

Learn more
55.76
London Stock Exchange welcomes Grayscale and HANetf Celebrating the launch of Grayscale Future of Finance UCITS ETF

Grayscale Investments®, the world’s largest digital currency asset manager, today announced its first European ETF, Grayscale Future of Finance UCITS ETF (ticker: GFOF), that has listed on the London Stock Exchange (LSE) and will also be passported for sale across Europe.  

GFOF tracks the investment performance of the Bloomberg Grayscale Future of Finance Index and seeks to offe

Learn more