Fundsmith Emerging Equities Tst PLC AGM Statement and Corporate Update (7735Z)
May 22 2019 - 1:01AM
UK Regulatory
TIDMFEET
RNS Number : 7735Z
Fundsmith Emerging Equities Tst PLC
22 May 2019
22 May 2019
AGM statement and corporate update
Fundsmith Emerging Equities Trust plc ("FEET" or the "Company"),
will be holding its Annual General Meeting today at which the
following information will be announced.
Update to portfolio management arrangements
The Board is pleased to announce that Michael O'Brien and Sandip
Patodia have been promoted by Fundsmith LLP ("Fundsmith"),
following consultation with the Board, to the roles of FEET's
Portfolio Manager and Assistant Portfolio Manager, respectively,
with effect from 31 May 2019.
Michael and Sandip joined Fundsmith ahead of the launch of FEET
in 2014 and have formed the core of the Company's investment
management team. Terry Smith, in his capacity as Chief Investment
Officer ("CIO") of Fundsmith LLP, will provide advice and support
to Michael and Sandip, who will continue to draw on Terry's decades
of investment experience and expertise. Jonathan Imlah and Tom
Boles will continue to assist as research analysts.
Amendment to investment management fee
The Board is also pleased to announce that it has agreed with
Fundsmith a reduction in FEET's annual fee from 1.25 per cent to
1.00 per cent of the Company's net asset value, with effect from 31
May 2019.
Martin Bralsford, Chairman of Fundsmith Emerging Equities Trust
plc, commented:
"The promotion by Fundsmith LLP of Michael and Sandip to
Portfolio Manager and Assistant Portfolio Manager reflects the
prominent roles they have had for some time and is a natural
progression of the team. The Board look forward to working more
closely with Michael and Sandip with the ongoing support of Terry
in his capacity as Fundsmith's Chief Investment Officer."
Terry Smith, Chief Executive and Chief Investment Officer of
Fundsmith LLP, said
"I am delighted that the significant role played by Michael and
Sandip in the formation of the fund and its ongoing activities is
being recognised. The initial success of Fundsmith's other
investment trust has made me realise that my oversight as CIO, with
dedicated fund managers doing the day to day work, has worked
extremely well and I believe the changes we are announcing today
will help deliver the long term outperformance that we seek. The
fee reduction also brings the charges closer into line with our
other funds whilst recognising the greater geographical research
coverage that we have to maintain on FEET."
For further information please contact:
Fundsmith LLP + 44 (0)20 3551 6337
Mark Laurence, Chief Operating
Officer
Investec Bank plc +44 (0)20 7597 5970
Darren Vickers
Kepler Communications +44 (0)7989 528421
Charlotte Balbirnie CBalbirnie@keplercomms.com
About the FEET investment management team:
Michael O'Brien, Portfolio Manager
Michael joined Fundsmith almost a year prior to the launch of
FEET and was instrumental in the development and launch of the
Company. Prior to Fundsmith, Michael worked at Canaccord Genuity
(formerly Collins Stewart) where he spent more than a decade as an
analyst covering a wide range of sectors and geographies,
developing the company's research product and institutional
franchise. Michael began his career at Guinness Flight Global Asset
Management (subsequently Investec Asset Management) in 1994 as an
analyst before taking responsibility for the group's UK Small and
Emerging Companies Funds in 1997, and subsequently the Recovery
Fund. Michael holds an MPhil from Cambridge University.
Sandip Patodia, Assistant Portfolio Manager
Sandip joined Fundsmith from Morgan Stanley, where he had been a
Vice-President within the UK Investment Bank from 2009 to 2013,
providing corporate finance advice to UK listed companies on all
aspects of their interaction with the equity markets. From 2005 to
2009, he qualified as a Chartered Accountant and worked as an
M&A adviser at Ernst & Young. Sandip obtained a scholarship
to Aston University and holds a first class honours degree in
Electronics and Computer Science.
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END
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