(Alliance News) - Perpetual Income & Growth Investment Trust PLC said Monday it has handed Invesco Fund Management a protective notice of termination.
Perpetual Income & Growth said the move followed an extended period of underperformance of the company's benchmark.
The investment firm's net asset value total return over the six months to the end of September was negative 1.2%, while its benchmark, the FTSE All-Share Index, returned positive 4.6%.
"This decision has not been taken lightly, particularly given the current market environment, but the board has previously made it clear that it was concerned with the company's poor performance and this continued for the most recent financial year which ended March 31," the trust added.
Perpetual Income & Growth has begun the search for a new manager.
Shares in Perpetual Income & Growth Investment Trust closed 6.2% higher in London on Monday at 207.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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