The Personal Assets Trust (PAT) has appointed Troy Asset Management to run its investment portfolio. The move follows the death last autumn of the well-known investor Ian Rushbrook, who had run the company.
Scottish-based PAT, which has £165m of funds under management, said it chose Troy because of shared investment aims, a history of outperformance and its risk-averse approach.
Excluding PAT, Troy has £592m of funds under management. It was established in 2000 and, according to PAT, its flagship Trojan Fund has remained in the top decile of the Investment Management Association (IMA) Balanced Managed sector over every period from one to seven years.
According to Morningstar, the fund fell by just 1.84% in 2008, in a disastrous year for the markets which saw its sector decline by 25.42%.
Troy has not previously run closed-ended funds. It was originally the vehicle for the money of the Weinstock family and was founded by Lord Weinstock, the former head of General Electric.
Rushbrook, who ran PAT, was credited with predicting the financial crisis. In July, 2007 he told PAT’s annual general meeting: “Is the financial world sleepwalking into disaster? No. It’s worse than that. It’s walking into disaster, wide awake … the catalyst for such a reversal … will be a vulture, glutted on subprime mortgages, falling from its perch on a skyscraper over Wall Street.”
Robert White, the chairman of PAT, said in a statement today: “Ian is and will continue to be sorely missed. However, encouraged by strong messages of support from shareholders, we move on to a new chapter.”