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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fundsmith Emerging Equities Trust Plc | LSE:FEET | London | Ordinary Share | GB00BLSNND18 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,240.00 | 1,245.00 | 1,255.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFEET
RNS Number : 7735Z
Fundsmith Emerging Equities Tst PLC
22 May 2019
22 May 2019
AGM statement and corporate update
Fundsmith Emerging Equities Trust plc ("FEET" or the "Company"), will be holding its Annual General Meeting today at which the following information will be announced.
Update to portfolio management arrangements
The Board is pleased to announce that Michael O'Brien and Sandip Patodia have been promoted by Fundsmith LLP ("Fundsmith"), following consultation with the Board, to the roles of FEET's Portfolio Manager and Assistant Portfolio Manager, respectively, with effect from 31 May 2019.
Michael and Sandip joined Fundsmith ahead of the launch of FEET in 2014 and have formed the core of the Company's investment management team. Terry Smith, in his capacity as Chief Investment Officer ("CIO") of Fundsmith LLP, will provide advice and support to Michael and Sandip, who will continue to draw on Terry's decades of investment experience and expertise. Jonathan Imlah and Tom Boles will continue to assist as research analysts.
Amendment to investment management fee
The Board is also pleased to announce that it has agreed with Fundsmith a reduction in FEET's annual fee from 1.25 per cent to 1.00 per cent of the Company's net asset value, with effect from 31 May 2019.
Martin Bralsford, Chairman of Fundsmith Emerging Equities Trust plc, commented:
"The promotion by Fundsmith LLP of Michael and Sandip to Portfolio Manager and Assistant Portfolio Manager reflects the prominent roles they have had for some time and is a natural progression of the team. The Board look forward to working more closely with Michael and Sandip with the ongoing support of Terry in his capacity as Fundsmith's Chief Investment Officer."
Terry Smith, Chief Executive and Chief Investment Officer of Fundsmith LLP, said
"I am delighted that the significant role played by Michael and Sandip in the formation of the fund and its ongoing activities is being recognised. The initial success of Fundsmith's other investment trust has made me realise that my oversight as CIO, with dedicated fund managers doing the day to day work, has worked extremely well and I believe the changes we are announcing today will help deliver the long term outperformance that we seek. The fee reduction also brings the charges closer into line with our other funds whilst recognising the greater geographical research coverage that we have to maintain on FEET."
For further information please contact:
Fundsmith LLP + 44 (0)20 3551 6337 Mark Laurence, Chief Operating Officer Investec Bank plc +44 (0)20 7597 5970 Darren Vickers Kepler Communications +44 (0)7989 528421 Charlotte Balbirnie CBalbirnie@keplercomms.com
About the FEET investment management team:
Michael O'Brien, Portfolio Manager
Michael joined Fundsmith almost a year prior to the launch of FEET and was instrumental in the development and launch of the Company. Prior to Fundsmith, Michael worked at Canaccord Genuity (formerly Collins Stewart) where he spent more than a decade as an analyst covering a wide range of sectors and geographies, developing the company's research product and institutional franchise. Michael began his career at Guinness Flight Global Asset Management (subsequently Investec Asset Management) in 1994 as an analyst before taking responsibility for the group's UK Small and Emerging Companies Funds in 1997, and subsequently the Recovery Fund. Michael holds an MPhil from Cambridge University.
Sandip Patodia, Assistant Portfolio Manager
Sandip joined Fundsmith from Morgan Stanley, where he had been a Vice-President within the UK Investment Bank from 2009 to 2013, providing corporate finance advice to UK listed companies on all aspects of their interaction with the equity markets. From 2005 to 2009, he qualified as a Chartered Accountant and worked as an M&A adviser at Ernst & Young. Sandip obtained a scholarship to Aston University and holds a first class honours degree in Electronics and Computer Science.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
May 22, 2019 02:01 ET (06:01 GMT)
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