The board of the SVM UK Active fund, formerly managed by Colin McLean, has confirmed the trust will be liquidated following activist investors Cyrun Finance taking over the trust.
In May the activists ousted SVM's Colin McLean and Neil Veitch, but said they intended to continue to operate the portfolio as an investment trust. However, Cyrun Finance, a US investment adviser, built up a 93% stake in the company and due to the scale of capital it procured decided it is not financially viable for the company to continue trading. Last month the board hinted the trust would be subject to a wind-up but this has now been confirmed. "SVM UK Active fund announces the proposals to liquidate the company and the cancellation of the listing of shares and their trading on ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
