Fund of Funds Insider: Busting two selection myths citywireselector.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywireselector.com Daily Mail and Mail on Sunday newspapers.
Home / News / River and Mercantile founding partner resigns from Gresham House after less than two years
River and Mercantile founding partner resigns from Gresham House after less than two years
By Kristen McGachey, 25 May 21
Gresham House had been described as a ‘good home’ for Richard Staveley who joined from Majedie in September 2019
Gresham House portfolio manager and managing director Richard Staveley has resigned after less than two years at the fund boutique.
Staveley (pictured) has more than two decades of fund management experience, including five years at Majedie Asset Management and seven years at River and Mercantile, the Aim-listed manager he helped found in 2006.
Source: Trustnet
Gresham House Strategic has £57.4m in total assets, according to data from the Association of Investment Companies. It currently trades on a 6.4% discount, slightly better than the UK Smaller Companies average of 7.1%.
“The future growth of GHS is therefore limited due to the lack of availability of new funds for investment at a time when both several attractive investment opportunities exist, and GHS would be a benefit from taking larger stakes in some of its existing investments,” the board wrote.
The review will be conducted in conjunction with an independent financial adviser, which the board expects to appoint shortly, and is expected to be completed by the trust’s AGM in September.
BlackRock Smaller Companies Trust Plc - Final Results
PR Newswire
(Legal Entity Identifier: 549300MS535KC2WH4082)
Annual results announcement for the year ended 28 February 2021
PERFORMANCE RECORD
1,2
1,2
1,2,3
1
12.80p
20.50p
33.30p
960,900
2 Alternative performance measures, see Glossary contained within the annual report.
3 The basis of calculation for the fair value of the debt is disclosed in note 10 to the financial statements contained within the annual report and the calculation of net asset value per share (debt at fair value) is included in the Glossary contained within the annual report.
4 Ongoing charges ratio calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items, in accordance with AIC guidelines.