A statement issued by the trust’s board revealed that it is seeking applications of interest from asset management houses looking to run the £135m trust. The move comes after several years of underperformance.
Colin McLean, co-founder and managing director of SVM, became the sole manager of the trust after co-founder Donald Robertson announced his resignation in September.
A review of the fund was carried out by auditor PricewaterhouseCoopers after Robertson’s resignation to determine the reason for its underperformance. It discovered “a number of rectifiable control, process and accounting issues”.
Chairman Shane Ross said SVM is working to address the issues identified in the review. He added: “The board has concluded that the management of the company’s portfolio should be put out to tender with immediate effect.”
A shortlist of candidates is expected to be drafted by 15 December with competitive pitches to take place in the new year. Shareholders will be given the opportunity to endorse the outcome at the annual general meeting in the first quarter of 2013.