The Company aims to generate a regular and attractive level of income with low asset value volatility by investing in a diversified portfolio of public and private debt and debtlike instruments (‘Debt Instruments’), of which at least 70% will be investment grade. Over the longer term, it is expected that the Company will be mainly invested in private Debt Instruments, which are those instruments not traded on a stock exchange. The Company currently proposes quarterly dividends at an annual rate of LIBOR + 3% on NAV per calendar year with a variable, fourth interim dividend to be determined after each year end, which will take into account the net income over the whole financial year and, if appropriate, any capital gains. The Company targets LIBOR plus 4% over the longer term.
The Company has the ability to borrow up to 30% of net asset value although it is expected that it will primarily be managed without borrowing and typically any borrowings will not exceed 20% of net asset value. Any borrowings may magnify any gains or losses made by the Company.
The value of investments will fluctuate, which will cause share prices to fall as well as rise and you may not get back the original amount you invested. There is no guarantee that the Company’s Investment Objective will be achieved.
If you would like to subscribe for shares in M&G Credit Income Investment Trust plc, please contact one of the online fund platforms.
Please be advised that the share price quoted is not a live feed and therefore may not reflect the most recent share price, for live share price information please visit the London Stock Exchange website, fund code is MGCI.
The Company aims to generate a regular and attractive level of income with low asset value volatility.
The Company seeks to achieve its investment objective by investing in a diversified portfolio of public and private debt and debt-like instruments ("Debt Instruments"). Over the longer term, it is expected that the Company will be mainly invested in private Debt Instruments, which are those instruments not quoted on a stock exchange.
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Fund Manager tenure from 04/05/2020
Adam English joined M&G Investments in 1999 and is a fund manager for Prudential’s Life and Annuity Funds and the M&G Credit Income Investment Trust. Adam manages investment grade and high yield portfolios across both public and private markets. Before joining M&G, Adam worked for the United Bank of Kuwait. Whilst there, he worked within the credit and high yield departments, with representation on the bank’s Credit Committee. Prior to this, he worked for Price Waterhouse, gaining membership of the Institute of Chartered Accountants in England and Wales. Adam graduated from Christ Church College, Oxford University with a degree in Physics and is a CFA Charterholder.
Deputy Fund Manager
Robert Whitten joined M&G Investments in 2001 and is a fund manager for Prudential’s Life and Annuity Funds. He has overall responsibility for the main Prudential Life Funds and has day-to-day responsibility for the team. His focus is on euro and sterling-denominated investment grade credit, across public and private markets. Prior to joining M&G, Robert was Senior Assistant Director at Deutsche Asset Management with responsibility for researching, managing and trading all US dollar investment grade credit, including domestic, corporate, eurobonds and asset-backed and mortgage-backed securities. He also managed domestic and international fixed and floating rate portfolios against both government and non-government benchmarks. Robert trained at the London Hospital Medical School.
Deputy Fund Manager
Yiu-Wai Cheung joined M&G Investments in 2011 and is a fund manager for Prudential’s Life and Annuity Funds. He is responsible for a number of Prudential’s Non-Profit Funds and one of the Annuity Funds. His focus is sterling- denominated investment grade credit across public and private markets. Prior to joining the team, Yiu-Wai was Portfolio Manager at Prudential Portfolio Management Group with responsibility for the investment strategy for the annuity funds and strategic hedging for annuity and with-profits funds. Prior to joining M&G Investments, he worked for BNP Paribas Securities Services. Yiu-Wai holds a BSc in Economics from the University of Leicester and is a CFA Charterholder.
David Simpson - Chairman
Appointed as a non-executive Director on 18 September 2018. David Simpson is a qualified solicitor and was a partner at KPMG for 15 years until 2013, culminating as global head of M&A. Before that he spent 15 years in investment banking, latterly at Barclays de Zoete Wedd Ltd. He is chairman of Ecofin Global Utilities and Infrastructure Trust plc, a non-executive Director of the British Geological Survey and a non-executive Director of ITC Limited, a major listed Indian company. David graduated from the University of Cambridge with a degree in Economics and Law.
Richard Boléat - FCA Audit Committee Chairman and Senior Independent Director
Appointed as a non-executive Director on 18 September 2018. Richard Boléat is a Fellow of the Institute of Chartered Accountants in England & Wales, having trained with Coopers & Lybrand in Jersey and the United Kingdom. After qualifying in 1986, he subsequently worked in the Middle East, Africa and the UK for a number of commercial and financial services groups before returning to Jersey in 1991. He was formerly a Principal of Channel House Financial Services Group from 1996 until its acquisition by Capita Group plc (‘Capita’) in September 2005. Richard led Capita’s financial services client practice in Jersey until September 2007, when he left to establish Governance Partners, L.P., an independent corporate governance practice. Alongside his roles at the Company, he currently acts as Chairman of CVC Credit Partners European Opportunities Limited and SME Credit Realisation Fund Limited, both of which are listed on the London Stock Exchange. He is regulated in his personal capacity by the Jersey Financial Services Commission.
Mark Hutchinson - non-executive Director
Appointed as a non-executive Director on 17 July 2018. Mark joined M&G in 1997 as chair of private assets and has overseen the start of a number of activities, including private placements, leveraged finance, project and infrastructure finance and structured credit. In addition, he started the initiative for purchasing properties with long leases for M&G's annuity funds in 2000. He continues to be involved in the management and controls of private assets within M&G. Mark began his career in banking in 1980 with Midland Bank, going on to join Citibank and then, in 1995, Bank of America as a relationship manager for UK and global corporates. Mark graduated from the University of Cambridge with a degree in Economics.
Barbara Powley - non-executive Director
Appointed as a non-executive Director on 18 September 2018. Barbara Powley is a chartered accountant with over 30 years’ experience in the investment trust industry. Prior to her retirement in March 2018 she was a director in BlackRock’s closed-ended funds team from 2005 with responsibility for the oversight and administration of BlackRock’s stable of investment trusts. From 1996 to 2005, she had a similar role at Fidelity. Barbara graduated from the University of York with a degree in Mathematics and Economics. On 18 November 2020, Barbara was appointed as non-executive Director of Montanaro UK Smaller Companies Investment Trust plc. She brings to the Board her extensive knowledge of the investment trust sector and its regulatory requirements.
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