The Cayenne Trust is set to wind up in 2016 as co-manager James Hart is set to leave to join Witan Investment Trust.
Mr Hart is currently co-manager of the Cayenne Trust but will depart in April to join Witan as an investment director tasked with “developing, implementing and communicating Witan’s investment strategy”.
Len Gayler, the chief executive of Cayenne Asset Management and also co-manager of Cayenne Trust, has revealed the trust will unlikely last beyond 2016.
In a statement on the London Stock Exchange today, the board of the Cayenne Trust said Mr Gayler was “not prepared to commit to continued management of the company’s portfolio much beyond 2016”.
The board has therefore decided that, subject to shareholder approval, it will “put forward proposals for an orderly realisation of the company’s assets”.
The trust will continue to exist until at least August 2016, as that is the redemption date for its loan facility, but it looks likely that after that the trust will sell its assets and return cash to shareholders.
