Caledonia lures Hiscox finance guru to its board

Caledonia Investments, the listed closed-end fund, has asked Stuart Bridges to join its board as it strives to turn its performance around.

Reporting 1.9% total return outperformance of net asset value (NAV) against the FTSE All-Share index over the six months ended in September, the investment company welcomed Bridges, the chief finance officer of insurer Hiscox, to its non-executive committee.

Although Caledonia has had a difficult few months, the company told its investors 'significant progress' had been made.  It followed a move by its chief executive Will Wyatt last year to overhaul the trust to generate performance.

Wyatt said: 'We have made significant progress on the delivery of the strategic initiatives implemented in 2011. The divestment of non-core, sub-scale investments is progressing well and income is increasing in line with our expectations.

'Whilst markets remain difficult, we are reassured by the improving performance across the portfolio.'

Over the six months reviewed, Caledonia ploughed £69 million into new investments and sold its position in British Empire, another closed-end fund. 

Welcoming Bridges to the board, Wyatt added: 'It gives me great pleasure to announce the appointment of Stuart Bridges as a non-executive director. Stuart is chief finance officer of Hiscox and brings with him a wealth of experience in insurance and investment markets.'