Andrew Adcock remembered by investment trust industry

Chairman and director passed away on Sunday

Photo by Jarl Schmidt on Unsplash

Andrew Adcock, chairman of Panmure Gordon and director on a number of investment trust boards, has been remembered for his integrity and commitment to transparency following his death over the weekend.

In December, Adcock had stepped back as chairman on the Majedie Investments, JP Morgan European, VPC Speciality Lending investment trusts due to poor health, although he remained a director on all three closed-ended funds.

He passed away on 27 January.

He remained chairman of Panmure Gordon until his death and director of the BMO Gam Global Smaller Companies investment trust.

Panmure Gordon said it would be making an announcement about a successor to Adcock in due course.

Ian Axe, chief executive, said: “I met Andrew just under two years ago and I have seldom met such a man. His integrity and spirit over this period have been impressive and selfless. I talk for myself personally and for Panmure Gordon when I say he will be deeply missed. Our sincere condolences go to Andrew’s family.”

Adcock was also a non-executive director at Foxtons Group. He had been managing partner of Brompton Asset Management until July 2011 and vice chairman of Citigroup Corporate Finance until mid-2009.

‘A man of the utmost integrity’

Association of Investment Companies communications director Annabel Brodie-Smith said: “Andrew made a significant contribution to the investment company industry as a director and chairman of a number of companies and he will be missed.”

Victory Park Capital chief executive Richard Levy described Adcock as a man of the utmost integrity and said he led the board with kindness and grace.

Levy said: “I speak on behalf of my fellow board members and senior management of Victory Park Capital in saying we will miss him dearly, we will move forward remembering the lessons he taught us and continue to execute on behalf of our shareholders in the spirit of transparency and partnership as Andrew always preached. I am so grateful to have had the opportunity to work with Andrew over these last years. We send our sincere condolences to Andrew’s wife Maya and family.”

Josephine Dixon, who became chair of the JP Morgan European Investment Trust when Adcock stepped back in December, said he had been a talented predecessor and was greatly respected by the board, shareholders and JPMAM. “Andrew battled bravely with ill health these past couple of years with a courage, humour and determination that was truly inspirational,” Dixon said.

Her comments were echoed by Anthony Townsend, chairman of BMO Gam Global Smaller Companies, and David Henderson, chairman of Majedie Investments.

Townsend added: “His fellow directors are deeply distressed by his death and feel we have lost not just a highly valued colleague but a good friend too.”

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