US equities trust bucks tough fundraising environment with £100m IPO

The all-cap US equities trust, chaired by Witan Investment trust CEO Andrew Bell (pictured), has raised £100m from a placing and offer for subscription. Run by GAMCO Investors founder Mario Gabelli and team, the trust is based on the Gabelli All Cap Value Equity Composite, which the company says has delivered 15.9% per annum net of fees since inception in 1977 - compared with an 11.8% annual return for the S&P 500. Though the trust targeted up to £250m from its fundraising, Numis said the launch is more than respectable given the current environment for initial public offerings. "T...