Paterson steps down from £156m Artemis trust

Paterson steps down from £156m Artemis trust

Adrian Paterson is to retire as co-manager of the £156m Artemis Alpha trust at the end of this year.

In an announcement to the stock exchange this morning (11 April) the board of the trust announced Mr Paterson has “chosen to retire”, and said he will continue to work on the trust until December.

He has been joint manager of the trust since 2009.

Kartik Kumar, who is already an employee of Artemis, will take over from Mr Paterson.

The other fund manager on the trust is John Dodd, the current chairman and a co-founder of Artemis.

The trust has been a poor performer in recent years, returning 12 per cent over the past five years to 11 April, compared with 50 per cent for the average trust in the AIC UK All Companies sector in the same time period.

The stock market announcement also stated the trust will continue its policy of reducing the exposure it has to unquoted investments.

The manager will seek to have no more than 10 per cent of its capital in unlisted businesses, down from the current level of 21 per cent.

The board of the trust said they expect this will contribute to a reduction in the discount at which the trust presently trades to its net asset value, which is around 20 per cent.

Ben Yearsley, a director at Shore Capital, said the changes made by the trust are “positive”.