Asset Management

Terry Smith sets new UK fund record — eclipsing Woodford

Smith's new small-caps trust raises £823m, achieving the biggest listed fund launch in the UK

Terry Smith, founder of Fundsmith
Terry Smith, founder of Fundsmith

City maverick Terry Smith has pulled off the largest UK-listed investment trust launch ever, raising £823m for his new Smithson fund — smashing its original £250m target.

The trust’s board announced on Wednesday that is has raised an impressive £822.5m, which officially surpasses Woodford Patient Capital’s record of £800m made three years earlier, according to figures from the Association of Investment Companies, the trade body for investment trusts.

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