Marlborough drops Mirabaud from lagging fund

Mirabaud has lost its role as investment adviser to the underperforming Marlborough European Trust, which from October 1 will be managed by David Walton.

Mr Walton, who formerly ran a European Smaller Companies fund at Baillie Gifford, joined Hargreave Hale at the start of the year as a European specialist.

Darius McDermott, managing director of Chelsea Financial Services, said the change in management was a good sign for the troubled fund.

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“Marlborough European Trust has been a consistent underperformer and while it is small, this is a very positive change in fund manager and we think the news should improve.”

In one year, the £6.8m Marlborough European Trust has returned 17.9 per cent, compared to 26.2 per cent for the IMA Europe excluding UK sector, according to FE Analytics.

In three years, it has risen by 19.3 per cent compared to a rise of 32.3 per cent for the sector, and in five years it has risen 26 per cent compared to a 47.6 per cent rise, the data provider added.