RWC to replace Ninety One as manager of Temple Bar trust

Following underperformance

RWC is set to replace Ninety One as the manager of the Temple Bar investment trust, following a spate of underperformance.

The board of the £623m trust confirmed in April that it would conduct a review of its management after Ninety One's Alastair Mundy took a leave of absence owing to poor health. In a statement this morning the board confirmed that it had selected RWC because of its "sustainable value investment style". Temple Bar's performance has been weak in recent times, with NAV falling 41%, 37.2% and 16.8% on a total return basis over one, three and five years respectively, according to Association of Investment Companies data. Its total dividend for the year has been cut by 25% to 38.5p per sh...