13 Oct 2020 07:18
To: RNS
From: Seneca Global Income & Growth Trust plc
LEI: 213800OQTUSRFDIL9L29
Date: 13 October 2020
Seneca Global Income & Growth Trust plc (the 'Company')
Corporate Update
The Board of the Company notes the announcement issued today by Momentum Global Investment Management Ltd ('MGIM') regarding its proposed acquisition of the Company's investment manager, Seneca Investment Managers Ltd ('SIML'), subject to regulatory approval. The Board is supportive of this development: the companies share a philosophy of outcome-based multi-asset value investing; SIML's current investment management team will retain its portfolio management responsibilities; and the transaction will be structured to ensure that clients experience seamless continuity of service with the additional benefits of a stronger offering and broader capabilities.
The Board anticipates there will be no change to the Company following completion of the transaction, save for a change to the Company's name to reflect SIML's integration into MGIM and consequent re-branding. The Board understands there are no redundancies foreseen as a result of the transaction and that SIML's Liverpool office will supplement MGIM's London office with the intention of growing the combined multi-asset business.
The announcement referred to above can be found at https://senecaim.com/global/momentum-global-investment-management-acquires-seneca-investment-managers/.
Further information will be announced in due course.
-ENDS-
All enquiries:
Richard Ramsay Chairman of the Company 07949 217798
David Thomas Seneca Investment Managers Ltd 0151 906 2480
Gary Moglione Seneca Investment Managers Ltd 0151 906 2461
Rona Grant PATAC Ltd 0131 538 1400