Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Struggling gold trust gets new manager

2
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%.

Leave a comment
Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter