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SVM co-founder quits – funds placed under review

SVM co-founder and fund manager Donald Robertson has left the firm with immediate effect.

Robertson was lead manager of the £3.7m SVM UK Emerging Fund investment trust and £3m SVM Cautious Managed fund. He was also co-manager of the £162m SVM Global fund investment trust and £14.5m SVM Global Opportunities fund.

Colin McLean has become lead manager of the Global Opportunities fund with Neil Veitch appointed as deputy manager. The managers are now making a number of changes to the portfolio to increase the fund’s market sensitivity and underlying liquidity.

Prior to co-founding SVM in 1990, Robertson worked at Ivory & Sime.

Meanwhile, the group has decided to review the status of its SVM Cautious Managed and £2m SVM UK Absolute Alpha funds. It says no decision has been made on the funds and it will keep investors informed. McLean will also replace Robertson on the cautious managed fund.

McLean is to take over management of the global trust with no official decision on the emerging trust at this stage.

The SVM Global Opportunities fund is bottom quartile in the IMA Global sector over three years, having lost 35.6 per cent compared with an average return of 13 per cent for the sector. The cautious fund is also fourth quartile in the IMA Mixed Investment 20-60% Shares sector over three years, having returned 3.2 per cent compared with an average of 20 per cent for the sector.

Hargreaves Lansdown investment analyst Rob Morgan says: “Performance has not been good across the range at SVM for some time now. I am not surprised the funds are being reviewed.”



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