CIO Peter Elston resigns from Seneca Investment Managers – The board of Seneca Global Income & Growth (SIGT) has announced that Peter Elston has resigned from the investment manager, Seneca Investment Mangers Ltd (SIML), for personal reasons and will leave at the end of the year.
The board said the following: “The board is grateful to Peter for his contribution over the last five years and wishes him well for the future. SIML operates a team approach to the management of SIGT with Peter and Gary Moglione providing portfolio oversight. The board is assured and very comfortable that this team approach will continue under Gary’s oversight and the well-established, disciplined and distinctive investment philosophy and process will continue in the same fashion.”
[QD comment: We talked to David Thomas, Seneca’s chief executive, in the wake of the announcement. There will be a handover period of a few months but, in reality, all investment decisions are made by the investment team so not much will change. From our June 2018 annual overview note on SIGT: “Seneca IM takes a team approach to managing its portfolios. The team is structured so that individual team members take primary responsibility for specific research areas, with support provided by another team member.” Gary Moglione, jointly responsible for asset allocation with Peter, will co-ordinate these decisions within the team. David Thomas stresses that it will be business as usual.]
SIGT: CIO Peter Elston resigns from Seneca Investment Managers