Electric & General IT to wind up

The board of the Electric & General investment trust are to wind up the vehicle to address its “persistent discount”, according to a stock exchange announcement.

The £301.7m trust sits in the AIC Global Growth sector. The board is seeking to transfer its assets into an open-ended fund run by its managers Taube Hodson Stonex Partners.

The trust has outperformed the MSCI World index over three and five years, but its discount is running at 16.3%, which has caused it to underperform against the sector, according to Trustnet.