Phoenix Fund Services has been selected to manage Chelverton Asset Management’s Chelverton U.K. Equity Income Fund, Asset Servicing Times reports. The bespoke investment administration services provider will offer ACD, fund accounting and transfer agency services to the fund. The equity income fund aims to provide investors with a relatively high and growing income from investment in U.K. small and midcap equities. The product targets equities with a minimum yield of 50 percent more than the average for U.K. small and midcaps on a 12-month view.
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