JPMorgan Europe small cap trust chair to step down
Paul Manduca to leave in December after taking chairmanship of Prudential Group.
The chairman of JPMorgan’s £374.3m European Smaller Companies investment trust is to step down at the end of the year.
In May, trust chairman Paul Manduca was appointed chairman of insurance giant Prudential, and assumed his new position on July 2.
In a stock exchange announcement, the trust’s board said Mr Manduca would step down from his position on the trust on December 31. Carolan Dobson will take his place from January 1 2013.
Ms Dobson is currently a non-executive director of the trust, and also chairs the board of the £41.7m Aberdeen Smaller Companies High Income trust. She is also a former manager of the £466.3m Murray Income trust.
The trust, managed by JPMorgan’s Jim Campbell and Francesco Conte, has seen its net asset value increase 76.9 per cent over five years to July 17, according to data from the Association of Investment Companies, broadly in line with the sector average.