Foresight Environmental Infrastructure (FGEN) fund manager Chris Tanner is passing on the reins to co-managers Ed Mountney and Charlie Wright as he prepares to start a new role at Foresight Group.
Tanner was instrumental in the launch of JLEN in 2014, the former John Laing Environmental Assets, joining Foresight (FSG) in 2019 when it bought the mandate for the investment company from John Laing Capital Management. Tanner had worked there for five-and-a-half years having begun his career at auditor PwC before joining Henderson Global Investors in 2007.
His move off JLEN adds to the sense of change at the renewables fund after chair Ed Warner last month announced he would step down at the annual general meeting in September when the company faces a second continuation vote in a year, triggered by its shares trading on a double-digit discount to net asset value.
Stephanie Coxon, the senior independent director who will succeed Warner as chair, said: “We are grateful to Chris for his outstanding contribution to FGEN. Chris has played a central role in developing FGEN since its IPO in 2014, and alongside Ed and Charlie, has built the company into a unique and diversified portfolio of environmental infrastructure assets across the UK and Europe. Under his stewardship, the company has delivered more than a decade of uninterrupted dividend growth and consistently strong operational performance across the portfolio.”
Both Mountney and Wright worked at John Laing with Tanner. Mountney, former head of valuations, joined Foresight with Tanner and was made a director in 2024. Wright, an investment manager, joined the group in 2017 and was promoted to investment director in 2020.
Coxon added: “As FGEN’s co-lead managers for a combined six years, Ed and Charlie provide the company with continuity of expertise, deep knowledge of the portfolio, and a track record of delivering for shareholders. The board is confident that they will continue to build on the company’s positive momentum and successful growth journey.”
Tanner said: “Having worked closely with Ed and Charlie for many years, they are outstanding investment managers and are uniquely placed to drive FGEN forward as it executes its long-term strategy.”
A year ago, following a strategic review, the board announced a refocused strategy on lower-risk income-generating assets.
FGEN shares dipped 0.3p to 84.8p in early trading, narrowing the 19% discount to NAV at which the 9%-yielder stood last night.
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James Carthew, head of investment company research at QuotedData, said: “We’ll miss Chris Tanner, who we got to know even before we started writing notes on FGEN back in 2017, but he leaves the company in capable hands and we wish him all the best in his new role.”
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