Scottish Mortgage Investment Trust bosses have moved to quell fears it is on a collision course with its new activist investor.
US hedge fund Elliott Management last week emerged as the firm’s largest shareholder with a 5 per cent stake worth about £607million – sparking speculation over its intentions.
At an online investor meeting yesterday, SMIT manager Tom Slater insisted the two firm’s interests were aligned.
Concerns: At an online investor meeting yesterday, Scottish Mortgage Investment Trust manager Tom Slater (pictured) insisted it and Elliot’s interests were aligned
And he said the relationship would not result in a seven-year debacle similar to that at Alliance Trust – which saw the chief executive ousted and the board being cleared out after a long campaign by Elliott.
Slater said: ‘The only things in common are the name Elliott and an investment trust. We are aligned.’
The meeting also addressed investor fears that the fund holds too many illiquid undervalued private firms which make up 25 per cent of the portfolio.
But Slater and deputy manager Lawrence Burns stuck by their investments, adding they had seen increased enthusiasm from private firms wanting to come to market in recent months.
Shares in SMIT rose 8.6p to 884p.
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