Harwood Capital ousts Gresham House following board appointment
Harwood Capital have been appointed by the board of Gresham House Strategic (GHS) to take charge of the UK smaller companies trust, replacing the outgoing Gresham House – the trust will be renamed Rockwood Strategic as a result. Richard Staveley, who left Gresham House in May 2021, will resume management of the portfolio.
Harwood has offered to buy Gresham House’s 23% stake in the trust at net asset value (NAV), equivalent to £15.5m. They will also cut the annual management fee from 1.5% of NAV to 1.25% for assets up to £25m and 1% above that. Furthermore, a new performance fee of 10% of returns over a 6% total return high watermark has been proposed.
11th October, 2021