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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.
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