Shires Income

What Shires Income does

Shires Income PLC was a UK-listed investment trust (ticker: SHRS) established in 1992, investing primarily in UK equities and income-producing securities to deliver sustainable dividend income and long-term capital growth to shareholders. The trust was managed by abrdn Investments Limited, part of Aberdeen Group plc, under the Alternative Investment Fund Manager Directive framework, with abrdn Fund Managers Limited acting as alternative investment fund manager. It maintained AIC 'Dividend Hero' status through 26 consecutive years of dividend growth and offered a single core product — a diversified portfolio of UK-listed equities, with emphasis on small and mid-cap stocks at attractive valuations.

Revenue mechanics were those of a closed-end fund: management fees scaled with assets under management (ongoing charges ratio of 1.00% pre-merger), with returns to shareholders generated through portfolio dividends and capital appreciation. The trust was distributed through FCA-regulated financial advisers holding NMPI (non-mainstream pooled investment products) status, direct investment platforms including aberdeeninvestments.com and invtrusts.co.uk, and stock exchange listing, targeting UK retail investors seeking defensive income and long-term capital growth. Customer segments were split between individual retail investors managing their own savings and financial advisers recommending the product for client portfolios.

In February 2026, Shires Income announced a scheme of reconstruction to merge with Aberdeen Equity Income Trust plc; shareholders approved the combination on 9 March 2026 and Shires Income PLC entered voluntary liquidation on 17 March 2026. The surviving combined entity, retaining AEI's name, has approximately £300 million in market capitalisation, NAV between £300 million and £331 million, a dividend yield above 6%, and a reduced ongoing charges ratio of up to 0.78%. The combined trust is jointly managed by Iain Pyle and Thomas Moore and continues the progressive dividend policy and AIC Dividend Hero designation.

Name

Shires Income

Legal name

Shires Income PLC

Website

https://shiresincome.co.uk

Company type

Public

Founded year

1992

Operating status

Acquired

Headcount range

1–10 employees

Short description

Shires Income PLC was a UK-listed investment trust that invested mainly in UK equities to deliver sustainable dividend income and capital growth to retail investors via financial advisers and investment platforms. Following its March 2026 merger with Aberdeen Equity Income Trust, Shires entered voluntary liquidation.

Ownership category

akta.pro rank

Product category

UK Equity Income Investment Trust

NAICS

Other Financial Vehicles (52599), Open-End Investment Funds (525910)

SIC

Real Estate Investment Trusts (6798), Investment Advice (6282)

akta.pro primary industry

Equity Capital Introduction & Prime Services (FSACAFAK)

akta.pro secondary industries

Real Estate Funds — Core-Plus (FSANAEAG), Equity Prime Brokerage (Custody, Financing & Services) (FSACAFAB)

Keywords

• UK equity income
• Investment trust
• Dividend hero
• Portfolio management
• Income securities

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Management Fees: The investment trust generates revenue through management fees charged on assets under management. The ongoing charges ratio is up to 0.78% for the combined entity.
2. Capital Returns: Returns generated through dividends from portfolio companies and capital appreciation of the investment portfolio, distributed to shareholders as income and capital growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Shires Income PLC is a UK investment trust that invested mainly in UK equities and income-producing securities to deliver sustainable dividend income and long-term capital growth to shareholders. It was managed by abrdn Investments Limited under the Aberdeen Group plc investment trust platform and was distributed to retail investors via financial advisers and direct investment platforms. Following its merger with Aberdeen Equity Income Trust in March 2026, Shires Income entered voluntary liquidation and the combined vehicle continues under the Aberdeen Equity Income name.

Product overview

Shires Income was a single investment trust product (an investment trust PLC) focused on UK equity income investing. The company offered one core investment vehicle that provided dividend income and capital growth through a portfolio of UK stocks. Following the merger with Aberdeen Equity Income Trust in March 2026, the combined entity retained the Aberdeen Equity Income name with a market capitalisation of approximately £300 million, and Shires Income entered voluntary liquidation.

Differentiator

Problem solved

Functional benefit

Products and services

• Shires Income Investment Trust A UK equity income investment trust delivering sustainable dividend income and long-term capital growth through a diversified portfolio of UK-listed equities and income-producing securities, available to retail investors via financial advisers and direct investment platforms. The trust entered voluntary liquidation on 17 March 2026 following completion of its merger with Aberdeen Equity Income Trust.

Quantifiable outcome

• Dividend yield of more than 6%
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Aberdeen Equity Income TrustcoreStrategic or Co-development Partner · 1 March 2026Shires Income merged with Aberdeen Equity Income Trust in March 2026 through a scheme of reconstruction, creating a combined investment trust with approximately £300 million market capitalisation. The merger was driven by the belief that uniting two similarly-focused UK equity income trusts presented an opportunity to achieve greater scale, improved liquidity, and lower ongoing costs.

Scale indicators5 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Aberdeen Equity Income Trust plc: The merger partner and now the surviving entity of the combination. Identical UK equity income strategy, same abrdn management, and the same AIC Dividend Hero status — making it the most directly comparable peer by every dimension.
• Schroder Income Growth Fund plc: UK equity income/growth investment trust with progressive dividend policy and broad retail/adviser distribution. Comparable mandate overlap and AIC dividend hero status.
• Temple Bar Investment Trust plc: UK equity value/income investment trust with contrarian valuation discipline. Overlapping universe and mandate style, comparable size, and AIC dividend hero designation.
• City of London Investment Trust plc: One of the largest UK equity income investment trusts with a long-running progressive dividend policy. Comparable mandate, retail/adviser distribution, and benchmark position in the UK equity income peer set.
• Henderson Income Trust plc: UK equity income investment trust with a similar dividend-growth heritage and adviser-distribution model. Directly comparable on mandate, structure, and target investor base.
• JPMorgan Claverhouse Investment Trust plc: Long-established UK equity income investment trust with similar progressive dividend policy and large-cap tilt. Comparable income mandate, closed-end structure, and UK retail/adviser distribution channel.
• Mercantile Investment Trust plc: UK smaller companies investment trust with a valuation-disciplined approach closely aligned to Shires' small/mid-cap focus. Comparable size band and discount-to-NAV dynamics.
• Murray Income Trust plc: UK-focused equity income investment trust targeting high-quality income-generating companies, with a similar progressive dividend policy and AIC dividend hero status. Direct competitor for UK retail income flows.

Emerging players

• abrdn UK Income Fund: Open-ended UK equity income vehicle from the same parent group (abrdn). Overlapping investment universe and management, but open-end structure differentiates it from the closed-end combined trust.

Broad incumbents

• BlackRock UK Income Fund: Large, well-distributed UK equity income offering from a global asset manager. Competes for the same UK retail/adviser income allocation but as part of a much broader fund range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/aberdeenTrusts
• YouTubeyoutube.com/@aberdeenInvestmentTrusts
• Facebookfacebook.com/aberdeenInvTrusts
• LinkedInlinkedin.com/showcase/shires-income-plc/posts/?feedView=all

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shires Income