Premier Miton Investors’ Nick Greenwood has resigned from the company and as manager of Migo Opportunities Trust.
His decision follows former Migo trust assistant fund manager Charlotte Cuthbertson’s resignation in November.
Greenwood (pictured) has been at Premier Miton for over 20 years, having joined in 2002.
His departure is not immediate, however, and he will continue to manage the trust until 30 January 2024, as well as the Premier Miton Worldwide Opportunities Fund.
In a stock exchange announcement, the trust’s board said it has served six months’ protective notice to Premier Miton Investors on its investment management agreement after being informed of Greenwood’s resignation.
A Premier Miton Investors spokesperson said: “We want to thank Nick for his contribution and commitment to managing the trust for investors. Nick will remain as investment manager of the trust until 30 January 2024, aided by deputy head of multi-manager funds, Ian Rees, who has been managing multi-manager portfolios at Premier Miton for over 20 years, with specific expertise in closed ended vehicles.
“We will be looking to submit a proposal to the board of Migo for the future management of the trust in due course,” the spokesperson added. “We continue to manage the trust with the aim of delivering good outcomes for shareholders.
“Nick and Ian will remain as the fund managers of the Premier Miton Worldwide Opportunities Fund. Ian will take over responsibility of that fund upon Nick’s departure in January 2024 and will be assisted by the multi-manager team.”
Richard Davidson, chairman of Migo Opportunities Trust, added: “Nick Greenwood’s portfolio management expertise and investor engagement have been an important and long-standing factor underpinning Migo’s success. So given his decision to leave PMI, it’s prudent for us to review Migo’s management arrangements.
“We have served protective notice on Premier so we can do this most effectively, and look forward to an ongoing constructive relationship with Nick and PMI in the meantime. We will consider all proposals made from interested parties and will update shareholders in due course.”