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McLean's SVM Global up for grabs as board launches beauty parade

The board of Colin McLean's SVM Global is to hunt for a new manager in an attempt to repair the vehicle's track record.

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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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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