Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Struggling gold trust gets new manager

2 Comments
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 Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter