Investment boutique Progressive Value Management has launched a closed-end fund in which the manager...
Investment boutique Progressive Value Management has launched a closed-end fund in which the managers have no control on initial stock selection. The £52m Guernsey domiciled vehicle, Advance Value Realisation, is run by Simon Toynbee and Robert Legget. Instead of the managers selecting the stocks, during the placing period stocks were selected by institutional investors. The general concept behind the trust is for institutions to exchange shares in smaller companies which they want to exit from but are unable to realise the value of the holdings due to liquidity problems. Toynbee and Legg...
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