The trust’s unaudited results for the period between August 19, 2005 and April 30, 2006 show that the total return on net asset value was 8.9 per cent compared with the benchmark return of 8 per cent, which equates to 6.3 per cent over the period.The share price rose by 14.8 per cent, rising to 16.8 per cent with net dividends reinvested. A C-share issue in February doubled the size of the trust and, along with a 0.2 per cent reduction in the annual charge, has resulted in the total expense ratio falling from 2.7 to 2.2 per cent or 2.5 per cent including performance fees. The results show that the previous discount to NAV has disappeared, with the trust trading at a 2.5 per cent premium to NAV at the end of the financial year. The trust now has shareholder approval for a 14.99 per cent share buyback policy to manage widening discounts in the future. Head of business development David Thomas says: “We are very pleased with the performance of the trust since Midas took over. The fund is managed to an absolute return benchmark of 8 per cent a year, which we have outperformed.”
Baring Asset Management has hired Matthias Siller to join its Europe Middle East and Africa (EMEA) equities team.Siller joins from Austrian investment management company Raiffeeisen Capital Management.He has over nine years experience on both the buy and sell sides, including proprietry trading Central and Eastern European equities and derivatives, and will be responsible for the […]
Alison O’Connell is stepping down as director of the Pensions Policy Institute to research retirement and pension policy on a freelance basis. She remains a governor of the PPI. Niki Cleal, who had been secon-ded to HBOS, replaces O’Connell as director.
Barings has appointed James Syme to head global emerging markets. Syme has spent nine years at SG Asset Management running its emerging markets desk.
Harry Baldwin has joined Winterthur Life as IT development manager to expand its Professional Edge range of adviser support services. Baldwin was previously in a freelance role providing IT consultancy to IFAs.
By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]
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