Travers Smith has advised Fundsmith Emerging Equities Trust plc (“FEET”) in connection with its initial public offering.
FEET will invest in equities issued by companies that have the majority of their operations in, or revenues derived from, emerging economies and will seek to be directly exposed to the rise of the consumer classes in those countries. Its launch follows an extensive roadshow to institutional and retail investors, complete with an innovative online application process.
Admission is expected to take place at 8.00 a.m. on 25 June 2014.
The listing of FEET marks the culmination of a successful first half of 2014 for the Travers Smith listed funds team. In 2014 Travers Smith has advised Liberum Capital Limited on the £200 million IPO of P2P Global Investments plc and Numis Securities Limited on both the US$114 million IPO of Fair Oaks Income Fund Limited and the £132 million IPO of Custodian REIT plc.
The team was led by Head of Listed Funds Aaron Stocks, senior investment funds assistant Will Normand and investment funds assistant Kate Baker.
Aaron Stocks commented, “The first half of 2014 has continued the positive trend of a flow of listed fund launches across a wide range of asset classes, albeit generally focussed on investment policies that provide a potentially significant yield. Fundsmith Emerging Equities Trust marks a departure from the income driven trend and, together with the other IPOs that we have advised on this year, further demonstrates that the listed fund structure can offer an attractive investment proposition for investors across a number of asset classes.”
Nick Heather of Wragge LG & Co LLP advised Investec Bank plc in its capacity as sponsor and sole bookrunner on the FEET IPO.
