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Fund boutique's chief & chair exit in boardroom overhaul

Fund boutique's chief & chair exit in boardroom overhaul

GVO Investment Management chief (GVOIM) executive Adam Steiner and chair Jonathan Morgan have stepped down in an overhaul of the boutique's boardroom.

Citywire AAA-rated Jamie Seaton, manager of the GVO UK Focus fund, will succeed Steiner (pictured) who had run the company for five years.

Morgan will be succeeded by Christopher Chambers - whose career history includes a spell as chief executive of Man Investments and time on the board of Evolution Group - as chair.    

Switzerland's Hansa Aktiengesellschaft acquired the firm under its previous identity, SVG Investment Managers, last August.  

Hansa deputy chair Nicholas von Bruemmer said in a statement: 'I’d like to personally thank Adam and Jonathan for their contributions to the success of GVOIM’s current business, which has created an excellent platform for us to further develop GVOIM as a successful, world-class specialist asset manager. We wish them the very best in their future endeavours.'

Chambers added: 'This is an exciting time for GVOIM:  fund performance has been very strong and inflows have been significant since the acquisition by Hansa. I am very pleased to be joining Jamie and Stuart to take the business to the next stage in its development.'

The GVO UK Focus fund is one the best performers in its peer group, returning 59.4% in the three years to 30 April versus a 27.6% rise in the FTSE All Share.

GVO has promoted Jeff Harris to assistant manager on the fund and also said it is looking to hire another analyst to help fill the void left by Steiner, who co-managed the fund with Seaton.        

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