US Solar Fund selects new investment manager
investmentweek.co.ukAmber Infrastructure Group is a specialist international infrastructure investment manager, with £5bn in funds under management
In a London Stock Exchange notice today (21 August), the trust said that Amber Infrastructure Group would be replacing New Energy Solar Manager (NESM) as its investment manager.
Amber is a specialist international infrastructure investment manager, with £5bn in funds under management and having been responsible for over 3GW of US solar projects, the trust said.
NESM will continue to act as the trust's investment manager until the replacement is appointed.
US Solar Fund drops plans for sale
The announcement came two weeks after US Solar Fund said it would not be extending its existing investment management agreement with NESM beyond the expiry of the initial five-year term in April 2024 and began the hunt for a new manager.
«The board and its advisers received multiple responses from highly qualified investment managers for this role,» it said the RNS statement.
The management has been seeking to make largescale changes in the trust, launching a strategic review in October 2022 and even considering the sale of the trust earlier this year, before backtracking on the move.
The trust's total returns were down 24.5% over the last three years, compared to an IT Renewable Energy Infrastructure average of 9.1%, according to data from FE fundinfo.
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