McLean's management of SVM Global under threat

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Colin McLean could relinquish control of the £136m SVM Global investment trust after the board announced it is putting the trust's management contract out to tender, with immediate effect.

The board will hold a beauty parade imminently, seeking to appoint a new manager early next year to turnaround the closed ended fund's below-par performance. Over the past five years the trust has posted a 33% NAV loss, compared to the AIC Global sector average return of 14%, according to Winterflood. In October MAM Funds upped its stake in McLean's £146m SVM Global investment trust, fuelling speculation of impending corporate action by its shareholders. MAM holds the investment trust across a number of portfolios, including 9% of the company in the Miton Special Situations fund, r...

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