Last checked at 
LONDON (Alliance News) - European Assets Trust NV Friday said it outperformed its benchmark in 2014, and announced the departure of Chairman John Ward.
Ward will step down at the company's annual general meeting in April, with Jack Perry to be appointed as his successor. Ward will stay as a director on the supervisory board until the latter half of 2015 to help with the handover.
Supervisory director Neville Cook also will step down.
The trust posted a total return on net asset value per share of 15.3% on a euro basis, outperforming the Euromoney Smaller European Companies (ex UK) Index which saw a total return of 5.2%.
On a sterling basis the trust posted a total return of 7.7%, compared to a negative total return of 1.9% from the Euromoney Smaller European Companies (ex UK) Index.
The trust said that its net asset value made "particularly strong progress" during the year as investors moved towards "higher quality assets", and its performance was boosted by the return of corporate activity in the European smaller companies sector.
The trust said European equities have gotten off to a "strong start" in 2015 after further monetary intervention by the European Central Bank.
"We are also optimistic that Europe can begin to show some economic progress with the triple stimuli of lower energy prices, a weaker currency, and tentative improvements in lending and borrowing data. Valuations look attractive to us, and companies appear to be in fine shape. If profit levels improve from here, returns for European equity investors could be very attractive," Ward said in a statement.
Shares in European Assets are trading up 0.3% at 1,052.80 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
