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Struggling gold trust gets new manager

Struggling gold trust gets new manager

The Golden Prospect Precious Metals investment trust has named Keith Watson as its new joint portfolio manager.

Watson will work with current manager Will Smith (pictured); he joined CQS/New City Investment Management, which runs the fund, in July 2013 from Mirabaud Securities where he was a senior natural resource analyst.

Earlier in January Golden Prospect, which has only £22 million in assets, cut its management fee from 1.5% to 1.25%. However, it retained a performance fee of 20% for returns over an 8% hurdle. ‘But this is unlikely to be paid for the foreseeable future, because it is subject to a high water mark which is significantly underwater,’ commented Charles Cade, an analyst at Numis.

The fund has lost 70% over the past three years, compared with a 56% drop in the FTSE Gold Mines index over the same period.

Golden Prospect is the third fund managed by CQS/New City to have reduced its fees this year: uranium focused Geiger Counter and New City Energy have both brought their charges down from 2% to 1.375%.

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