View the article online at http://citywire.co.uk/wealth-manager/article/a640750
McLean's SVM Global up for grabs as board launches beauty parade
by Sarah Miloudi on Dec 06, 2012 at 10:39
McLean took on SVM Global following the departure of Donald Robertson, co-founder of Edinburgh-based SVM Asset Management.
The £136 million trust's board expects to host a competitive pitch in the new year, aimed at finding a well-suited manager able to fulfill its ambition of restoring outperformance.
According to SVM Global's latest shareholder report, the trust has had a challenging year, even leaving aside the departure of its manager.
Over the year to 30 September the trust's net asset value (NAV) per share dropped 12.2% versus a 17.7% rise in its FTSE World Index benchmark.
Moreover, shareholder returns have been hit by a widening of the trust's discount into the high teens. The board described the past 12 months as a 'very disappointing' time and with immediate effect has put the management contract out to tender.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
The Citywire guide to investment trusts
Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.
With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop
More about this:
Look up the shares
Look up the fund managers
More from us
On the road
J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
by Eleanor Lawrie on Jul 24, 2014 at 07:00