2 May 2024
EUROPEAN ASSETS TRUST PLC
LEI: 213800N61H8P3Z4I8726
Portfolio Manager Change and Investment
Management Fee Amendment
Portfolio Manager
Change
Following the further integration of
the European equities team by Columbia Threadneedle Investments
("the Manager"), the Board of European Assets Trust PLC (the
"Company") announces that Mine Tezgul will succeed Sam Cosh as the
Company's Lead Investment Manager with immediate effect.
Mine Tezgul is a portfolio manager in
the European equities team and Head of European Small Cap
Equities. Mine joined the Manager in 2018 as an equity
analyst and since 2019 has been lead portfolio manager of the
Columbia Threadneedle European Smaller Companies strategy and
co-manager of the Columbia Threadneedle Pan European Small Cap
Opportunities strategy.
Prior to this, Mine spent over ten
years as an equity analyst focused on developed market equities,
working at Lansdowne Partners, SAC Global Investors and Highbridge
Capital Management. Mine started her career with Citigroup as a
financial analyst in its investment banking division and she holds
a BA in Economics with General Honours from the University of
Chicago and an MBA with Distinction from INSEAD.
The Board believes that Mine's
experience is very well suited to deliver the Company's investment
objective for Shareholders in line with the revised investment
approach developed following the Board review of historic
performance conducted in the latter half of 2023. The Board
will continue to monitor performance closely and looks forward to
working with Mine and Lucy Morris who will continue in her role as
Investment Manager supporting the Lead Investment
Manager.
The Board wishes to place on record
its thanks to Sam for his commitment to the Company since his
appointment as Lead Investment Manager in 2011 and wishes him
well.
The Company's investment policy and
objective will remain unchanged.
Investment Management Fee
Amendment
The Board also announces an amendment
to the basis of calculation of the investment management fee
payable to the Manager.
Previously, the Manager received a fee
equal to 0.75 per cent per annum of the value of funds under
management. In cases where the value of funds under
management exceeded €400 million, the applicable rate over such
excess value was 0.6 per cent per annum.
Following the amendment, which is
effective from 1 January 2024, the funds under management to which
the applicable rate of 0.75 per cent is applied has been lowered
from €400 million to €300 million. For funds under management
in excess of €300 million, the applicable rate has been reduced to
0.55 per cent per annum. The basis of calculation for funds
under management remains unchanged.
Fees are calculated quarterly and
payable in advance.
Funds under management as at close of
business on 30 April 2024 were €441.3 million.
Enquiries:
Columbia Threadneedle Investment
Business Limited,
Company Secretary
Telephone: 0131 573 8300