Geiger Counter (GCL), the £65m uranium fund, has decided not to follow fund managers Keith Watson and Robert Crayfourd to Tufton, choosing to remain with Manulife and CQS Investment Management.
Concluding a seven-month review, the Geiger Counter board said it had revoked the twelve-month protective notice it issued to Manulife CQS Investment Management on 16 March following the resignations of Watson and Crayfourd.
Toronto-based portfolio managers Diana Racanelli and Craig Bethune, who had looked after the company’s assets on an interim basis, would continue in their roles permanently. Racanelli will be the lead manager supported by analyst Olivia Chamie. “The team brings extensive portfolio management experience in this sector,” the company said.
Geiger Counter’s decision means the three investment companies managed by Watson and Crayfourd have come to different responses to their move. While City Natural Resources Growth & Income (CYN) did follow the duo to their new employer at Tufton, Golden Prospect Precious Metals (GPM) opted for Baker Steel instead.
To keep Geiger Counter, Manulife has accepted a 28% cut in its annual management fee, which drops from 1.3875% of net assets to 1%. It has also agreed an improved marketing budget to promote the company.
Chair Gary Clark said: “Following an extremely thorough review, which included looking at a number of proposals, we are delighted to announce that the investment management of the company will be continuing with the CQS Manulife team. We have been impressed with Manulife’s depth and breadth of experience and resources, their ongoing commitment to our investment strategy and their competitive proposals, and we look forward with confidence and enthusiasm to continuing to work them.”
Racanelli said her team was “honoured” to continue as investment managers. “We believe that investment in the uranium sector benefits from a wide range of structural power and policy trends and growing global demand and a current structural deficit bode well for future investment returns. We look forward to working closely with the board on this unique investment proposition.”
Our view
Richard Williams, senior analyst at QuotedData, said: “This comes as something of a surprise as there was an expectation that GCL could follow Keith Watson and Robert Crayfourd to Tufton, which CYN subsequently did. The new managers have effectively had since May to demonstrate their credentials before the decision was made, and have clearly impressed the board. The review has delivered something tangible for shareholders too, with the management fee cut by almost 28% to 1%, alongside stronger key-person protections and increased marketing support. With the uncertainty over GCL’s management now removed, attention can return to how the new team performs in what remains a highly specialist uranium strategy.”
You’ve read the news. Now have your say. Which investment trusts, fund managers and ETFs deserve to win? You decide in the Investors’ Choice Awards 2026. Vote now.
