James Carthew has been appointed as investment director of Progressive European Markets (PEM), a sub...
James Carthew has been appointed as investment director of Progressive European Markets (PEM), a subsidiary of Progressive Asset Management, writes Pascal Dowling.
Carthew comes from M&G where he has been manager of the Fund of Investment Trust Shares since 1995. He first joined the group in 1984.
Carthew said he decided to move to Progressive because it was smaller and gave him more of an opportunity to make his mark.
His new role will see him working alongside Richard Barnet on the £75m Advance UK investment trust.
According to Carthew, the trust takes an active part in influencing the management of the companies it holds.
He said: "We are not an arbitrageur, however we aim to improve the performance of funds in which we invest."
Carthew said the trust typically targets investment trusts which are on a discount of around 17%, acquiring a stake and then entering into discussion with the board over ways in which the trust can narrow its discount.
According to Carthew, Advance UK is currently negotiating the introduction of buy back authority on the Alliance Trust.
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