Baillie Gifford plans to launch a new investment trust that will invest in listed and unlisted American companies with the aim of achieving long-term capital growth.
The Baillie Gifford US Growth Trust is looking to raise £250m in an initial public offering (IPO), which is expected to take place in March. If the issue is successful, the new trust will be managed by members of Baillie Gifford's US equities, team with Gary Robinson as lead manager, and Helen Xiong and Andrei Kiselev as deputy managers.
Mr Robinson and Ms Xiong currently manage Baillie Gifford American Fund (GB0006061963), alongside Tom Slater, who is also co-manager of Scottish Mortgage Investment Trust (SMT). Scottish Mortgage has about 15 per cent of its assets in unlisted companies and almost half in the US (see this week's Fund Tip on page 41), but Baillie Gifford American only invests in publicly-listed American companies.