Investment Trust Insider : Trust buster Lazard World gets fatal taste of its own medicine
James Carthew, head of investment company research at QuotedData and Investment Trust Insider columnist is mentioned in the following article:
Investment Trust Insider : Trust buster Lazard World gets fatal taste of its own medicine
Buying stakes in under-loved investment trusts and closed-end funds was the speciality of Lazard World Trust (WTR) but ironically its own shareholders fell out out of love with the discount hunter and have voted to bring its 27-year tenure to an end.
At its annual general meeting last week 60% of WTR shareholders voted against the continuation of the £121 million Luxembourg-based company, jointly run by Kun Deng in New York and David Bliss in London.
Liberum analyst Conor Finn said the result was the risk funds ran with annual continuation votes. ‘The writing was on the wall for the fund at last year’s AGM when 48.6% voted against continuation,’ he said.
After that narrow escape, WTR pulled out all the stops to win back shareholders, hiking its dividend for a second time in two years and resuming share buybacks.
It even moved the AGM from August to September in order to increase shareholder… read more here
Investment Trust Insider : Trust buster Lazard World gets fatal taste of its own medicine