155-year old Investment Company selects new investment manager

investmentweek.co.uk:

Following a strategic review that began in February, the trust selected Chelverton as its new investment manager

Following a strategic review that began in February, the trust selected Chelverton as its new investment manager, as it seeks to prevent a windup and moving beyond its just £17m in assets.

Investment Company trust mulls appointment of Chelverton AM as investment manager

In March, the trust said it was considering appointing Chelverton to the role, as well as amending the trust's investment objective and policy in order to maximise capital growth through investing in small and mid-cap firms.

This was voted on by shareholders at the trust's general meeting on 26 June, with 99.9% of shareholders voting for both proposals.

The board also said that non-executive director Michael Weeks has resigned following the decision, having sat on the board since 2020.

David Horner, managing director and founder of Chelverton, has been appointed as a non-independent non-executive director in his place.

155-year old trust Investment Company weighs options to wind up

Chair of The Investment Company Ian Dighé said: «Whilst we start the company's next chapter as a modest sized investment trust, the company's assets are now to be managed by an award-winning asset manager in Chelverton, with a strong track record of creating value for its investors, whilst increasing investment funds' size.

»I would also like to take this opportunity to thank Michael Weeks for his significant contribution to the Company over the past three years and to wish him well for the future."

Horner added: «I am delighted that Chelverton has been appointed as the investment manager of The Investment Company and to be joining the board.

»The Investment