Rory Landman has resigned as manager of Baring Emerging Europe within months of taking over the trus...
Rory Landman has resigned as manager of Baring Emerging Europe within months of taking over the trust from Martin Taylor, who left the group in June.
Taylor left Barings and joined Thames River Capital, which Landman is also going to.
When Landman joins forces with Taylor, the board of the trust might reasonably consider moving the management contract to Thames River Capital, according to Credit Lyonnais.
It is understood the trust has a good relationship with Taylor and Landman.
Tom Tuite-Dalton, an investment trust analyst at Credit Lyonnais, said the board may decide to serve a protective notice, which starts the notice period ticking on an investment trust contract, the example set by some Jupiter trusts recently.
The termination of the management contract between Barings and the trust requires six months notice.
While managed by Taylor and Landman the trust's NAV rose by 56% over the three years to 18 July, compared to a rise in the FT/ S&P European index of 45%.
During the same period the trust's share price rose by 43%. As at close of business on 18 July the trust was trading at a discount to NAV of 20%.
Barings has appointed Klaus Bockstaller from UBS Brimson as head of its emerging Europe, Middle East and Africa team.
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