Foreign & Colonial (FRCL), the name that has been associated with investment trusts since 1868, is consigned to history today after the 150-year-old listed global fund formally adopted the name of F&C and a new share price ticker of FCIT.
Although the proposal to change Foreign & Colonial’s name and modernise the trust's image provoked some outrage among investors when it was announced in March, shareholders in the £3.7 billion trust approved the decision at its annual general meeting the following month. A stock exchange announcement has just confirmed that it takes effect today.
Underlining the break with the past, F&C Investments, the direct-to-consumer division that looks after the first ever investment trust and its nine stable mates within fund manager BMO Global Asset Management, will be renamed BMO on Monday.
As part of the rebranding, all five of F&C’s savings schemes, such as its Investment Trust ISA and Junior ISA, will adopt the BMO name on 12 November.
|Savings scheme current name||New name|
|F&C ISA / Investment Trust (ISA)||BMO Individual Savings Account (ISA)|
|F&C Junior ISA (JISA)||BMO Junior ISA (JISA)|
|F&C Private Investor Plan (PIP)||BMO General Investment Account (GIA)|
|F&C Children’s Investment Plan (CIP)||BMO Junior Investment Account (JIA)|
|F&C Child Trust Fund (CTF)||BMO Child Trust Fund (CTF)|
In addition the boards of five F&C investment trusts – F&C Capital and Income, F&C Global Smaller Companies, F&C Managed Portfolio, F&C Private Equity and F&C UK High Income – have also decided to take on the BMO brand and change their share price tickers.
This leaves Guernsey-based F&C Commercial Property (FCPT) and F&C UK Real Estate (FCRE) as the only closed-end funds in the group bearing the F&C name, although the latter will ask shareholders to change the brand early next year.
European Assets (EAT), a Dutch investment company listed in Amersterdam and London, and TR Property (TRY), a recent Citywire award winner managed by F&C subsidiary Thames River Capital, will also retain their current names.
|Current investment trust name (ticker)||New name (ticker)|
|F&C Capital and Income Investment Trust PLC (FCI)||BMO Capital and Income Investment Trust PLC (BCI)|
|F&C Global Smaller Companies PLC (FCSC)||BMO Global Smaller Companies PLC (BGSC)|
|F&C Managed Portfolio Trust PLC - Income (FMPI)||BMO Managed Portfolio Trust PLC – Income Share Class (BMPI)|
|F&C Managed Portfolio Trust PLC - Growth (FMPG)||BMO Managed Portfolio Trust PLC – Growth Share Class (BMPG)|
|F&C Private Equity Trust PLC (FPEO)||BMO Private Equity Trust PLC (BPET)|
|F&C UK High Income Trust PLC - A Share (FHI)||BMO UK High Income Trust PLC – Ordinary Share Class (BHI)|
|F&C UK High Income Trust PLC - B share (FHIB)||BMO UK High Income Trust PLC - B Share Class (BHIB)|
|F&C UK High Income Trust PLC - Units (FHIU)||BMO UK High Income Trust PLC – Units (BHIU)|
|Foreign & Colonial Investment Trust (FRCL)||F&C Investment Trust (FCIT)|
The rebranding comes four years after BMO Global Asset Management, part of Bank of Montreal, bought F&C Asset Management. It follows an announcement in July that F&C’s open-ended funds and investment products would come under BMO.
Although the share price tickers used by investors to identify the investment trusts are being modified, BMO stressed there would be no changes to share class codes or any company registration numbers nor any operational changes at the investment trusts themselves.
The company said shareholders did not need to take any action as their existing bank accounts and payment methods would remain the same with any payments made to or from F&C in future showing as BMO on bank statements.
Marrack Tonkin, head of investment trusts at BMO, said: ‘With our continued integration into the BMO family, with over 12 million retail customers, we remain committed to helping investors make the most of their money and helping them achieve their life goals.’