View more on these topics

Axa Property Trust manager Martin McGuire resigns ahead of fund wind-up

Home-House-Money-Property-700x450.jpgAxa Property Trust manager Martin McGuire has resigned from his post ahead of the group’s plans to wind up the portfolio by year-end.

McGuire, who has been senior fund manager of the vehicle for the past eight years, leaves the organistion on 28 November.

Responsibility will pass to Investment Managers senior fund manager Ian Chappell.

Axa says it does not expect there to be “any material change in the conduct of the orderly wind down of the portfolio”.

At an EGM held on 26 April 2013, shareholders approved the recommendation to commence a managed wind down of the trust’s investments.

According to the firm this strategy is being implemented in a manner that seeks to achieve a balance between ”maximising the value from the company’s investments, paying down debt and making timely returns of capital to shareholders”.

In a statement Axa said: ”We can confirm that Martin McGuire will leave Axa IM – Real Assets on 28 November to pursue other business interests.

“We sincerely thank him for his considerable contribution to our fund management business and wish him every success in his future. Martin’s responsibilities will be taken over by the existing UK-based fund management team lead by Ian Chappell, head of Core & Value Added funds.”

Originally launched in 2005, the trust has achieved a total return of 16 per cent versus an IT Property – Direct Europe sector average of -30 per cent over the past five years to 20 October, according to FE Analytics. It is currently trading at a discount of 11.5 per cent.

Last week Axa Investment Management announced that it is closing two of its bond funds due to lack of demand and shortage of assets.

On 20 November, the firm will shut the £35.4m Sterling Long Gilt fund, managed by Nicolas Trindade, as well as John Madziyire’s £41.7m Sterling Long Corporate Bond fund.

Recommended

LV= among four in Hornbuckle Mitchell talks

LV= is in takeover talks with Hornbuckle Mitchell. Money Marketing understands LV= is one of four firms in final-stage discussions with Sipp and SSAS specialist Hornbuckle. Negotiations are expected to be concluded in four to six weeks. Hornbuckle managing director David White says: “A number of parties have put interesting offers on the table but […]

Friends in need?

Resolution’s acquisition of Friends Provident paves the way for further consolidation in the life sector but advisers have raised concerns over the service levels their clients may receive as a result.

Parvest finds Latin beat

The Parvest Latin America fund is one of 60 funds recently registered for distributor status in the UK. The fund aims for growth by investing in equities and equity-related securities of countries in Latin America. This includes Brazil, Chile, Argentina and Mexico, with some exposure to the US. The fund is managed by Jacopo Valen- […]

ClareBrook02.tif.jpg
1

Clare Brook

Disheartened by the tendency of many ethical funds to lose sight of their prime motivation, the joint founder of WHEB Asset Management is pioneering a more focused approach – and is trying to change the face of socially responsible investing in the process Interview by Gregor Watt

What is a discounted gift trust?

Helen O’Hagan, technical manager at Prudential, has produced a third article in the trust series range exploring the discounted gift trust (DGT). These can take different forms, but in this article she looks at a ‘standard’ discounted gift trust and will cover: W – why use a discounted gift trust H – how to use […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment