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Under-fire Baillie Gifford trust appoints deputy manager
by Robert St George on Sep 11, 2013 at 07:15
The Pacific Horizon investment trust, revealed earlier by Wealth Manager to be under shareholder pressure to turn around its lacklustre performance, has now appointed a deputy manager to support Mike Gush (pictured).
Roderick Snell, who has worked at Baillie Gifford since 2006, has been named deputy manager of the £133 million trust. He was promoted to sole charge of the Baillie Gifford Pacific fund in April this year, having been a co-manager of the £48 million vehicle for three years.
During his time on the fund, it has generated a total return of 23.5%, compared with an average of 17.1% from his peer group.
Yesterday, Wealth Manager revealed that activist investor City of London Investment Group had emerged as Pacific Horizon's largest declarable shareholder. With both the chairman and manager of the trust having branded its latest results 'unsatisfactory', analysts have pointed to the possibility that City of London could push for a continuation vote as it it did earlier this year with thee Advance Developing Markets trust.
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on Dec 05, 2013 at 12:07