RNS Number : 3735G
UK Select Trust Limited
28 June 2012
UK Select Trust Limited
Update - Appointment of New Manager
28 June 2012
The Board of UK Select Trust Limited (the "Company") announced on 16 April 2012 that Scottish Widows Investment Partnership Limited ("SWIP") had served notice to terminate the investment management agreement, such notice to expire on 18 October 2012 (the "Expiry Date") or such shorter period as SWIP and the Board may agree. Further to that announcement, the Board is now pleased to confirm that it has reached agreement in principle for the appointment of Threadneedle Asset Management Limited ("Threadneedle") as a replacement investment manager on the same management and performance fees as SWIP. The appointment is expected to take effect on or around 31 July 2012 although Threadneedle has confirmed that it will not charge management fees or a performance fee until 1 October 2012. SWIP has confirmed that it will waive any fees otherwise payable to it in respect of the period from Threadneedle's appointment to the Expiry Date. Pending Threadneedle's formal appointment, SWIP will continue to manage the Company's portfolio under the oversight of the Board, mindful of the proposed change of investment manager.
Threadneedle's UK Equities Team, headed by Simon Brazier, manages £14bn of assets. Mr Brazier will be responsible for the Company's portfolio following the appointment and will manage it in accordance with his successful UK Equity Alpha strategy. Mr Brazier applies this strategy in managing the Threadneedle UK Fund, which has delivered top quartile performance since he began managing it in April 2010 and is also top quartile over 3 and 5 years*. Threadneedle's UK equity investment approach utilises the ideas and company research generated by its team of 12 UK equities fund managers and analysts, combined with insights generated by the broader 130-strong investment team.
Jim Le Pelley, Chairman of the Company, commented:
"The Board is delighted that Threadneedle will be taking on management of the Company's portfolio and look forward to sharing in the success of Simon Brazier's UK Equity Alpha strategy".
Simon Brazier of Threadneedle commented:
"We are delighted to have been chosen by the Board of UK Select Trust Limited to manage this investment company. This is an exciting opportunity for Threadneedle's UK equities team and we're very pleased to bring our successful UK Equity Alpha strategy to the Board and the Company's shareholders."
Kleinwort Benson (Channel Islands) Fund Services Ltd +44 (0) 1481 710607
Canaccord Genuity Limited +44 (0) 20 7523 8000
(Broker and Adviser)
Andrew Zychowski / Lucy Lewis
*To end May 2012. Source Threadneedle.
Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as adviser to UK Select Trust Limited and is acting for no-one else in connection with the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Canaccord Genuity Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Canaccord Genuity Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Canaccord Genuity Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.
This information is provided by RNS
The company news service from the London Stock Exchange