Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a729488

Struggling gold trust gets new manager

by Robert St George on Jan 22, 2014 at 08:15

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%.

2 comments so far. Why not have your say?

Philip Milton

Jan 22, 2014 at 11:37

For contrarians, both the sector and the Trust have to be an interesting buy - and even for gold commodity bears!

report this

Barry Bennett

Jan 23, 2014 at 17:00

Agreed with Philip..

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

The Citywire guide to investment trusts

Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.

More about this:

Look up the investment trusts

  • Golden Prospect Precious Metal (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Geiger Counter (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • New City Energy (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet