All change at the top: Does a change of manager help with investment trust performance?

Winners and losers

Boards of investment trusts continue to utilise their powers to change investment manager, a benefit of the investment trust structure. However, have these changes borne fruit?

Three years is, by most analyst and investor standards, the timeframe when a management firm is expected to prove their worth. So, Investment Week looked back at the trusts that changed manager in 2017 and 2018 to see how they have performed.  Nine trusts changed manager in that timeframe. Some trends were noticeable in the group: two fell under attack by an activist investor, two have since wound up, two management teams feel it is too early to judge them and two did not end up changing management style, despite changing managers.  Activist investor attacks - Alliance Trust and Elect...