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Struggling gold trust gets new manager
by Robert St George on Jan 22, 2014 at 08:15
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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