Ian Armitage to retire from HgCapital

HgCapital manager Ian Armitage has announced he will retire from the helm of the trust.

In a statement posted on the London Stock Exchange, Armitage (pictured) said he will step back in November after completing the process of installing the next generation of managers at the company.

This process began in 2007, and HgCapital, regarded as one of the best listed private equity vehicles around, said that its leadership style will remain unchanged and that the partnership will continue to be managed by HgCapital’s executive committee.

Although the private equity sector has more generally struggled to regain its footing after the 2008 bust, Armitage's £346.6 million Hg trust, part of Citywire Selection, has grown its ordinary share net asset value (NAV) 59.49%.  This is versus its LPX United Kingdom benchmark's 53.12% fall.