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Woodford-backed investment trust in merger after underperformance

Merger of asset managers behind underperforming fund results in change of leadership

Star fund manager Neil Woodford

The underperforming P2P Global Investments trust, backed by Neil Woodford, is to be jointly managed by its current manager MW Eaglewood and private equity specialist Pollen Street Capital following the merger of the asset managers.

The merged firms will manage approximately £2bn in assets.

Pollen Street already manages the Honeycomb investment trust, which has returned 19.8 per cent over the last year compared to 5.8 per cent in the P2P Global Investments trust, according to FE data.

However, P2P Global has delivered more positive results in the last three months returning 11.1 per cent compared to 5.8 per cent in the Honeycomb investment trust.

In April, the board of P2P Global confirmed it was reviewing its investment management arrangements following disappointing performance in 2016.

As part of the merger, the investment strategy for the fund is being revised and the portfolio will transition to “more attractive specialist assets”, a London Stock Exchange announcement says.

This will include greater exposure to Sterling denominated assets and maintaining exposure to a “tighter group” of market place lending platforms.

It will seek returns of 6 to 8 per cent, but this may take up to 18 months to achieve, the announcement says.



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