The board of MIGO Opportunities Trust has announced that it has served a six-month protective notice to Premier Miton Investors on its investment management agreement. This was triggered by news that Nick Greenwood, the lead portfolio manager, has resigned from Premier Miton.
The board says that Nick will continue to be available to manage the company’s portfolio until early 2024 and will continue to be assisted by Ian Rees, deputy head of Premier Miton’s multi-asset multi-manager team. Consequently, the board has decided to review options for the future management of MIGO, including a proposal from Premier. The board does not expect the investment strategy to change. Were the investment policy or strategy to change, the proposed change would need to be put to a shareholder vote.
Charlotte Cuthbertson, the trust’s co-manager, left Premier Miton last November. In the half-year report, the chairman said “The board has full faith in the company’s lead portfolio manager, Nick Greenwood, but nonetheless we have discussed with PMI the resources available to support him following Charlotte’s departure. Ian Rees, deputy head of the multi-asset team, will support Nick on portfolio management and Claire Long, head of investment trusts, will support Nick on marketing and communications.”
[Nick has managed the fund from launch so this is big news. At a time when funds of funds are under pressure, it would be a great shame if this spelled the end of the trust.]
MIGO : Nick Greenwood resigns from Premier Miton