Further to its announcement on 27 March 2020, Strategic Equity Capital (SEC) has announced that it has entered into an investment management agreement with Gresham House Asset Management Limited (GHAM) as the Company’s new investment manager and alternative investment fund manager (AIFM), which will become effective from 21 May 2020. At this point, GVQ Investment Management’s appointment will cease. The Company’s current portfolio managers, Jeff Harris and Adam Khanbhai, will become employees of the Gresham House Plc Group on this date.
Gresham House JV with Aberdeen Standard still planned
SEC’s announcement says that the proposed joint venture between Gresham House and Aberdeen Standard Investments (Aberdeen Standard Gresham House Investment Management Limited) will assume the roles of investment manager and alternative investment fund manager once in receipt of regulatory approval and satisfaction of other conditions. Until then, GHAM will enter into a distribution and marketing agreement with the ASI Group to assist with the marketing and promotion of SEC.
No performance fee reset
SEC’s board says that in light of the fact that Jeff Harris and Adam Khanbhai will continue to be the Company’s portfolio managers, and the terms of the investment management agreement on 27 March 2020, it is pleased to announce that the existing high watermark for the performance fee will be retained (rather than reset) and that there will be no change to the performance fee calculation period.