Gabelli Asset Management returns to London with second fund IPO

London Stock Exchange has welcomed Gabelli Merger Plus+ Trust PLC, a newly incorporated close-ended public limited company, to trading on the Specialist Fund Segment of the Main Market. Gabelli Merger Plus+ Trust PLC raised gross proceeds of $100,111,000.

Robert Barnes, Global Head of Primary Markets and CEO Turquoise, London Stock Exchange Group said: “Welcoming the second Gabelli fund to our markets today is a milestone for the company, having successfully raised over $100 million and testament to the strength of the UK fund industry. London Stock Exchange continues to finance a variety of issuers from across the world, with over £4.4 billion listed in London by US fund managers in 2017 alone. Through London, global asset mangers have access to the deepest and most liquid pool of international investor capital.”

Marc Gabelli, Chairman, Merger Plus+ Trust said:“We are delighted to bring this new offering to the global market as a London listing. We have been investing in announced merger situations for nearly forty years and found the UK plc Investment Trust structure to be an advantageous vehicle for international investors to access our approach to traditional merger arbitrage.”

Key statistics:

  • Gabelli Merger Plus+ Trust PLC becomes 5th fund from a US-based manager to list in London year-to-date
  • Market value of London-listed funds by US-based fund managers is £4.4 billion
  • H1 2017 sees record fund listings on London Stock Exchange – listed funds and REITs raise £5bn initial and follow-on capital to end June 2017
  • Notable listings year-to-date include:
    • Residential Secure Income plc raising £180 million to acquire portfolios of homes across residential asset classes;
    • Sherborne Investors raising £700 million on the Specialist Fund Segment of the Main Market;
    • BioPharma Credit, the first London listed fund specialising in debt financing for life sciences industry, raising £608m on the Specialist Fund Segment;
    • Pershing Square Holdings, a close-ended investment company, successfully listing its £2.9 billion fund, originally listed in Amsterdam;
    • PRS REIT, the first listed fund to focus solely on Private Rented Sector properties, raising £250 million and
    • Impact Healthcare Trust raising £160 million to invest in a portfolio of care homes
  • 461 funds are quoted on London Stock Exchange