SVM Global Fund plc - final announcement for immediate release
6 February 2013
Proposed appointment of new manager
The Board is pleased to announce that they have resolved to appoint Henderson
Global Investors as the Company's investment manager. The appointment remains
subject to contract and to shareholders' approval.
The Board's decision follows a painstaking process conducted over the last
month or so, including analysis of management, administration and marketing
capabilities. The Board concluded that Henderson's offering in these areas was
persuasive, in particular offering outstanding performance in the areas of
investment covered by the Company's strategy.
The Company's assets will be managed by Ian Barrass and Paul Craig, both
experienced fund of fund managers with impressive relevant track records. Ian
Barrass has 29 years of finance and investment industry experience covering a
range of alternative asset classes with a particular focus on unlisted and
illiquid investments. He is head of Henderson's private equity fund of funds
business and is the Manager of Henderson Private Equity Investment Trust plc,
which has performed strongly against its peer group since his appointment. Paul
Craig has 24 years of investment industry experience and is a long-standing and
highly-regarded specialist in the listed fund sector. He is a Director of
Henderson's Multi-Asset business and is the sole manager of the successful
Cirilium range of multi-asset funds which have enjoyed top quartile performance
since their inception. The Board was very impressed not only by this attractive
combination of listed and unlisted expertise but also by the strength and depth
of the Henderson investment trust team and the risk and control infrastructure
that supports it.
The Board recognises the importance of effective discount management and will
look to work with the manager and the Board's other advisors in this regard so
as to ensure the longer term viability of the Company.
Shane Ross, Chairman, commented: "After an initial examination of 33
applicants, twelve subsequent interviews and a final shortlist of three, the
directors are delighted to announce that we have awarded the management of the
trust to Henderson.
All directors were present at all the interviews. The standard of applications
was outstanding. We chose Henderson as the winning candidate, based on a
combination of an excellent investment performance record, its ability to
market the fund and a convincing commitment to the special characteristics of
this trust. We are confident that in due course the fund will again outperform
A circular will be published in due course containing further details and
convening a general meeting of the Company at which shareholders will be able
to vote on the appointment.
SVM Global Fund plc
Shane Ross (Chairman)
00 353 1618 3014
Paul Fincham/Robert Naylor
020 7886 2500