The board of the European Investment Trust (EIT) will part ways with incumbent investment manager Edinburgh Partners citing performance concerns, as Baillie Gifford is named successor.
According to a stock exchange announcement this morning, the investment company has entered into "heads of terms" for Baillie Gifford to be the new alternative investment fund manager (AIFM), company secretary and administrator, as the trust shifts from a value to a growth-oriented focus. EIT has lagged its benchmark index, the FTSE All-Share World Europe ex UK, in both share price and net asset value (NAV) terms over five, three and one year, according to its September factsheet, and has also underperformed since Edinburgh took over management duties on 1 February 2010. The board's s...
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