Baillie Gifford has appointed a third fund manager to its UK Growth (BGUK) investment after the £222m listed fund underperformed the FTSE All-Share by 9.6% in the year to 30 April. James Smith, lead manager of Baillie Gifford’s Great British Growth strategy, will work with Iain McCombie and Milena Mileva, who have run the trust […]
Global Smaller Companies Trust (GSCT), an £808m trust managed by Nish Patel at Columbia Threadneedle, underperformed its benchmark despite generating a 21% investment return in the year to 30 April. The manager’s focus on higher quality, profitable companies meant it trailed the 31.3% from the MSCI All Country World index which advanced on the back […]
SDCL Energy Efficiency (SEIT), the debt-laden renewables fund that disappointed investors this month by suspending dividends ahead of a managed wind-down, saw the value of its investments fall by 14% in the year to 31 March. Operationally, its assets were sound, said chair Tony Roper and fund manager Jonathan Maxwell, generating £84m of cash although […]
The new US-based, Saba-backed board of Edinburgh Worldwide (EWI) is looking to hire directors in the UK to “promote diversity of viewpoints and professional skills”. Chair Gabi Gliksberg, the founder and managing partner of ATG Capital Management in Miami, and Jassen Trenkow, a former bank executive in New York, and Michael Joseph, a portfolio manager […]
3i Group (III) shares jumped nearly 10%, or 225p, to £24.98 after a brief update on Action, the discount retailer that makes up three quarters of the £25bn private equity fund’s net asset value. Like-for-like sales grew 3.3% from 31 March to 21 June, slightly below the 3.6% of the previous quarter as reported at […]
Schroder UK Mid Cap (SCF) will shrink by over a third after 34.65% of shares were put up for sale in the tender offer designed to let 19.5% holder Saba Capital exit. Nevertheless, the £230m investment trust expressed relief that the level of selling was below the 49.87% limit set in May when it announced […]
Update: Shares in SEGRO (SGRO), the £10bn European logistics investor, are in focus after Prologis (PLD), the world’s largest industrial real estate investment trust, launched a hostile £12.6bn bid, appealing directly to shareholders with an all-share offer rejected by the SEGRO board yesterday. SEGRO shares jumped nearly 19%, or 135p, to 881p, but below the […]
Janus Henderson technology fund manager Richard Clode is to take full control of Bankers’ (BNKR) investments as the £1.4bn global equities trust abandons its regional structure ahead of the retirement of former lead manager Alex Crooke. Crooke, a former head of equities for EMEA and Asia Pacific at Janus Henderson, has managed Bankers for 23 […]
Schroder European Real Estate (SERE), a £78m REIT struggling on a 40% discount, is to wind down, over the next two-to-three years saying its assets can be sold for more than the share price implies. “Despite strong property performance and effective corporate management, we have advised the board that a managed wind-down is the most […]
Primary Health Properties (PHP) has confirmed reports that it is in advanced talks with an investor regarding using its private hospital portfolio to seed a new joint venture. “As previously announced, PHP has been exploring a range of strategic options to enhance the long-term value of the private hospital portfolio, including potential joint venture arrangements […]
