InvestmentsFeb 5 2018

Gervais Williams loses management of investment trust

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 Gervais Williams loses management of investment trust

Miton fund manager Gervais Williams is to be replaced as manager of the £17m Investment Company investment trust.

The trust  has been managed by Mr Williams and co-manage Martin Turner since 2013.

It has struggled for performance of late, losing 8 per cent over the past three years.

The trust invested in equities, bonds and alternative assets.

Mr Williams and Mr Turner are better known as managers of small cap shares.

In an announcement to the London Stock Exchange, the board of the investment trust have confirmed that Miton have been served notice that it will cease to manage the trust from 1 April 2018.

The management of the trust will be handled by Fiske Plc, an investment manager and stockbroker.

The board of the trust said: “The Board believes there is a strong commercial rationale for the change in manager, which will result in a reduction of the fund management fee from 1 per cent to 0.75 per cent per annum of net asset value, payable monthly in arrears and cancellable on six months’ notice by either party.

"There is no minimum contract term.  For the first twelve months, the management fee shall be capped, in total, at £90,000 net of VAT."

Mr Williams role as manager of the Diverse Income Investment Trust, the Miton UK Smaller Companies fund, and Miton Multi Cap Income fund is unchanged by this announcement.

David.Thorpe@ft.com