Smith & Williamson changes Asian fund name and objective

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The Smith & Williamson Far Eastern Growth Trust has now become the Smith & Williamson Far Eastern Income and Growth Trust following changes to its investment objective.

The £28m fund’s investment objective has been amended to offer more focus on income after unitholder and regulatory approval. It will have an expected yield target of “around three per cent”, but this is not a formal target.

Jane Andrews will continue to manage the fund, having done so since November 1996.

The asset manager expects to make some changes to the fund’s portfolio to meet its new objective, although it says these are likely to be ”made quickly and at reasonable cost”.

Smith & Williamson partner and head of marketing & sales Nick Hodgson says: “This change reflects the increasing demand from advisers to find equity income internationally for client’s portfolios.

“The changes should enable the fund to provide existing and prospective unitholders with a source of income in a low interest environment coupled with capital appreciation.”