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Evenlode to soft close A-rated Yarrow's £2bn income fund

Evenlode is to soft close the fund after a surge in assets over the last year

Evenlode to soft close A-rated Yarrow's £2bn income fund

Evenlode is to soft-close Hugh Yarrow (pictured) and Ben Peters £2 billion income fund, following a surge in inflows. 

The firm will look to stem demand for the TB Evenlode Income fund by raising the initial charge to 5% from 1 May, subject to FCA approval. There will be no subscription charge for exisiting investors. 

Evenlode said it had made the decision in order to protect existing investors in the fund.

The fund, which launched in October 2009, has become one of the top UK equity income sellers on the back of strong performance, with assets rising from around £720 million to more than £2 billion over the last 12 months.  

In the five years to the end of January Citywire A-rated Yarrow and Peters have returned 87.5% versus a peer group average of 53.5%.

Yarrow said: 'Evenlode, we are committed to delivering a high quality, long-term investment management service to our clients. As part of this commitment, we view capacity management as an important part of the service we deliver to our existing investors.'  

'The soft closure of the TB Evenlode Income Fund is a long-term measure designed to protect the fund’s existing investors and does not reflect any short or medium-term liquidity concerns.

'Furthermore, this decision allows us to prioritise and maintain relationships with our existing investors, while managing the assets already entrusted to us most effectively and staying true to our investment strategy and process.' 

For investors seeking to access Evenlode's income expertise, there will be no change in the subscription terms for the TB Evenlode Global Income fund, co-managed by Peters and Chris Elliott. The fund has attracted £68 million since its launch in November 2017.  

 

 

 

 

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