View more on these topics

Daniel Godfrey cans People’s Trust over lack of demand

Daniel Godfrey’s People’s Trust has announced that it is canning its listing on the London Stock Exchange due to a lack of demand from intermediaries and institutional investors.

In a statement, Godfrey said the investment trust had attracted a great deal of interest and support, particularly from retail investors.

“There was every indication that had we achieved critical mass, The People’s Trust would have gone on to thrive. Disappointingly, this was not to be,” Godfrey says.

“Unfortunately, retail investor interest alone, whilst substantial, was not enough in the absence of sufficient additional support from institutional investors and discretionary wealth managers.”

All investors who subscribed for shares will receive a full refund.

Godfrey tells Money Marketing it was clear from Monday they wouldn’t reach the £50m minimum to launch. “Maybe there wasn’t enough breadth of market coverage, and while it was well received, it wasn’t enough,” Godfrey says. “We’ll keep trying.”

Godfrey expressed disappointment and regret the listing would not proceed.

“It’s always hard to break the mould. While we have not succeeded on this occasion, the case we have made for a fundamental change in the investment chain has definitely left some cracks.

“Our argument, for the investment chain to abandon its focus on short-term index- relative returns in favour of sustainable wealth creation and the stewardship to support it, has been widely accepted. One day it will happen – to the great benefit of investors, society and the economy.”

Around 2,500 founders contributed over £100,000 towards costs in a crowdsourcing exercise in late 2016.

Recommended

3

ATS executive leaves as service woes continue

Alliance Trust Savings chief operating officer Allison Fower has left the business after just eight months with the firm. ATS confirmed Fower left in August. Prior to joining ATS she spent two years as platform and proposition consultant at Prudential. At ATS Fower was responsible for operations, change, IT and proposition. Candid Financial Advice director […]

Bellamy-David-2012-700x450.jpg
49

SJP under fire again over charges and exit fees

Clients of St James’s Place have attacked the firm over what they say is an opaque charging structure and punitive levels of exit fees. The Sunday Times was asked to examine what retired solicitor Arnold Rosen had been charged by SJP between 2009 and 2015 after Rosen could not work out the level of charges […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment