6 Feb 2013 17:34
SVM GLOBAL FUND PLC - Proposed Appointment of New ManagerSVM GLOBAL FUND PLC - Proposed Appointment of New Manager
PR Newswire
London, February 6
SVM Global Fund plc - final announcement for immediate release
6 February 2013
Proposed appointment of new managerThe Board is pleased to announce that they have resolved to appoint HendersonGlobal Investors as the Company's investment manager. The appointment remainssubject to contract and to shareholders' approval.
The Board's decision follows a painstaking process conducted over the lastmonth or so, including analysis of management, administration and marketingcapabilities. The Board concluded that Henderson's offering in these areas waspersuasive, in particular offering outstanding performance in the areas ofinvestment covered by the Company's strategy.
The Company's assets will be managed by Ian Barrass and Paul Craig, bothexperienced fund of fund managers with impressive relevant track records. IanBarrass has 29 years of finance and investment industry experience covering arange of alternative asset classes with a particular focus on unlisted andilliquid investments. He is head of Henderson's private equity fund of fundsbusiness and is the Manager of Henderson Private Equity Investment Trust plc,which has performed strongly against its peer group since his appointment. PaulCraig has 24 years of investment industry experience and is a long-standing andhighly-regarded specialist in the listed fund sector. He is a Director ofHenderson's Multi-Asset business and is the sole manager of the successfulCirilium range of multi-asset funds which have enjoyed top quartile performancesince their inception. The Board was very impressed not only by this attractivecombination of listed and unlisted expertise but also by the strength and depthof the Henderson investment trust team and the risk and control infrastructurethat supports it.
The Board recognises the importance of effective discount management and willlook to work with the manager and the Board's other advisors in this regard soas to ensure the longer term viability of the Company.
Shane Ross, Chairman, commented: "After an initial examination of 33applicants, twelve subsequent interviews and a final shortlist of three, thedirectors are delighted to announce that we have awarded the management of thetrust to Henderson.
All directors were present at all the interviews. The standard of applicationswas outstanding. We chose Henderson as the winning candidate, based on acombination of an excellent investment performance record, its ability tomarket the fund and a convincing commitment to the special characteristics ofthis trust. We are confident that in due course the fund will again outperformits peers."
A circular will be published in due course containing further details andconvening a general meeting of the Company at which shareholders will be ableto vote on the appointment.
Enquiries:SVM Global Fund plcShane Ross (Chairman)00 353 1618 3014Panmure GordonPaul Fincham/Robert Naylor020 7886 2500