SVM co-founder Robertson resigns

Donald Robertson has resigned from the company he founded in 1990 with fellow managers Colin McLean and Margaret Lawson.

Mr Robertson, who was also the specialist funds investment director at the firm, was lead manager on the SVM UK Emerging fund investment trust and SVM Cautious Managed fund, in addition to being co-manager with Colin McLean on the SVM Global Fund investment trust and the Global Opportunities fund.

In a statement the firm said it was making various changes to the management and investment policy of some sub-funds following “a thorough review”.

“Colin McLean has become lead manager of the Global Opportunities sub-fund with Neil Veitch appointed as deputy manager,” it confirmed.

“Donald Robertson, current co manager, has resigned from the company and has been granted a leave of absence with immediate effect.”

SVM added: “The managers have undertaken various changes to the portfolio and will continue to transition the portfolio to increase the fund’s market sensitivity and underlying liquidity. We will provide further information on the portfolio changes in our month end factsheet report.”

The firm explained that as deputy manager, Mr Veitch will leverage ideas from the SVM World Equity fund.

Meanwhile, the SVM Cautious Managed and SVM Absolute Alpha funds are under review but no final decision has been made. In the meantime, Mr McLean will take over as lead manager of SVM Cautious Managed, as well as taking sole responsibility for the SVM Global fund investment trust.

SVM stated last month that it keeps all its funds under review after defending poor performance from its UK Absolute Alpha fund.