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Magellan Asset Management to undertake IPO of new investment trust

Magellan Asset Management Ltd. will undertake an IPO of units in a new ASX-listed investment trust, the Magellan High Conviction Trust.

The company is seeking to raise a minimum of A$250 million via the offering. The offer price per unit is A$1.50.

The offering is expected to open Aug. 21.

The Magellan High Conviction Trust will invest in a concentrated portfolio of eight to 12 high-quality global companies. Magellan will be the investment manager and act as the responsible entity of the trust.