UKT Threadneedle Uk

TIDMUKT

RNS Number : 6950I

UK Select Trust Limited

27 July 2012

UK Select Trust Limited

Update - Appointment of New Manager

27 July 2012

Further to the announcement made by the Board of UK Select Trust Limited (the "Company") on 28 June 2012, the Board is pleased to confirm that Threadneedle Asset Management Limited ("Threadneedle") has now been appointed as the Company's investment manager with effect from 31 July 2012. Threadneedle has confirmed that it will only charge management fees and a performance fee (if applicable) with effect from 1 October 2012. The Company's outgoing manager, Scottish Widows Investment Partnership Limited ("SWIP"), is entitled to its management fee up to and including 31 July 2012 but has waived any fees otherwise payable to it in respect of the unexpired notice period (being the period from Threadneedle's appointment to 18 October 2012). No performance fee is payable to SWIP.

Threadneedle's UK Equities Team, headed by Simon Brazier, manages GBP14bn of assets. Mr Brazier will be responsible for the Company's portfolio following the appointment and will manage it in accordance with his successful UK Equity Alpha strategy. Mr Brazier applies this strategy in managing the Threadneedle UK Fund, which has delivered top quartile performance since he began managing it in April 2010 and is also top quartile over 3 and 5 years*. Threadneedle's UK equity investment approach utilises the ideas and company research generated by its team of 12 UK equities fund managers and analysts, combined with insights generated by the broader 130-strong investment team.

Enquiries

   Kleinwort Benson (Channel Islands) Fund Services Ltd         +44 (0) 1481 710607 

(Company Secretary)

   Canaccord Genuity Limited                                                    +44 (0) 20 7523 8000 

(Broker and Adviser)

Andrew Zychowski / Lucy Lewis

*To end June 2012. Source Threadneedle.

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as adviser to UK Select Trust Limited and is acting for no-one else in connection with the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Canaccord Genuity Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Canaccord Genuity Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Canaccord Genuity Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.

This information is provided by RNS

The company news service from the London Stock Exchange

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