Resignation delays S&W Enterprise launch

Mark Boucher has resigned from his post as manager of the Smith & Williamson Enterprise fund, causing a delay in launching the retail version.

He has left to run an American multi-strategy hedge fund leaving Rupert Fleming, his ­co-manager, and Mark Swain, his
assistant manager, to run the Enterprise vehicle.

Smith & Williamson (S&W) announced last year that it was seeking approval from the Financial Services Authority to launch a Ucits III version of the long/short Enterprise fund, which is domiciled in the Cayman Islands.

Nick Hodgson, the head of marketing and sales at S&W, says Boucher resigned six weeks ago and clients in the fund were notified then.

He added that the retail fund launch would “probably be slightly delayed” and he does not yet know when it will be launched.

In a statement seen by Fund Strategy, Hodgson says: “Both Fleming and Swain are highly committed to being instrumental in the continued management and growth of the Enterprise fund. They are delighted with the commitment S&W has shown to them and the Enterprise Fund.

“There will be no changes to the proposition, and the fund will continue to be managed as a low volatility long/short UK equity fund.”

The fund aims to achieve long-term capital appreciation irrespective of market conditions.

Boucher also worked with Fleming on the UK Equity Growth Trust and UK Special Situations Trust.