By Jessica Tasman-Jones, Portfolio Adviser, 3 Nov 21
EP Global Opportunities has left investors awaiting details about its rationale for adopting the increasingly rare self-managed investment trust structure as its board prepares to remove Franklin Templeton as its third-party manager…
Alliance Trust and Personal Assets transition away from self-managed model
There are currently just 13 investment trusts in the AIC universe that adopt the model, according to Morningstar data compiled by the trade body. That compares to a total 493 investment trusts in the universe…
Notably, Alliance Trust moved its management to Willis Towers Watson in April 2017, following a shareholder revolt instigated by Elliott Partners and a strategic review, while Troy Asset Management transitioned from investment adviser to the third-party manager for the Personal Assets Trust in May 2020…
The EP Global Opportunities expense ratio is set to come down as a result of going down the self-managed route, Elliott says.
Investors await details on EP Global Opportunities
Despite the move to a self-managed model, Sandy Nairn will continue to manage the £101m EP Global Opportunities trust from Franklin Templeton, which will be sub-advised to manage 70% of the portfolio…
Scale is important for the self-managed model
QuotedData head of investment companies James Carthew reckons the size of EP Global Opportunities makes its decision to turn to the self-managed model unusual.
The £2.5bn Caledonia and £4.7bn RIT Capital investment trusts have the scale to manage their own portfolios, Carthew says. They too still tap into the expertise of external managers as EP Global Opportunities intends to do.
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