The board of Sam Vecht's Eastern European trust is seeking shareholder approval to revamp its policy, giving the manager greater off-benchmark flexibility.
The company is proposing to alter the portfolio into a ‘best ideas' mandate, enabling Vecht (pictured) to diversify away from the MSCI Emerging Europe 10/40 index, which is dominated by a small number of large companies concentrated in the energy and financial sectors. If given the green light by shareholders in June, Vecht will cut his holdings in half to invest in 20-30 emerging European equities. The trust's name will also change to BlackRock Emerging Europe. "The board believes that Sam Vecht and the Emerging European team at BlackRock should, in future be able to focus on the...
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