Alternative Investment Fund Manager (“AIFM”)
From 1st January 2025 the board of Athelney Trust plc (“the Company”) has appointed EC Pohl & Co PTY Ltd (“ECPAC”) as its new AIFM and Investment Manager. This moves the Company from being internally managed by one of its board of Directors, Dr Manny Pohl MA, to the Company being externally managed by a company associated with him.
The Board believes that the move to ECPAC offers the Company’s shareholders a variety of benefits, including removal of key man risk, continuity of investment process, cost savings, succession planning and access to the strength and breadth of ECPAC’s equity capabilities.
Manny Pohl will remain on the board of the Company. He and his wider investment team will be involved in the investment process and day to day portfolio management. There is no change to the investment policy or investment objectives of the Company.
The Company will continue to be classified as an Alternative Investment Fund (AIF) under the regime of the Alternative Investment Fund Management Directive (AIFMD), but will cease to be its own Alternative Investment Fund Manager (AIFM).
ECPAC has the required FCA regulatory clearances to act as the Company’s AIFM.
Key individuals involved in Fund Management
Dr Manny Pohl (from 31/12/18);
Jason Pohl (from 01/01/25);
Richard Obree (from 01/01/25)
Background to ECPAC
The new AIFM is based in Australia, has several other funds (including a Dublin-based UCITS ICAV) and listed Investment Companies that it also manages, with total assets under management of A$3bn.
ECPAC is a leading, award winning investment manager with extensive expertise in global equity investment. ECPAC’s approach is anchored in sustainability and responsible investment principles, aligning its investment strategies with long-term environmental, social and governance considerations.
ECPAC has a team of 8 investment professionals with over 145 years of combined investment experience.
Website
Terms of appointment of the new AIFM
Management Fee
Up to 1st January 2025 the Managing Director had been paid a Director’s fee of £10,500 per annum or a fee for managing the portfolio equivalent to 0.75% of the Company’s Net Asset Value, whichever was the greater.
Under the new investment management agreement, with effect from 1st January 2025, ECPAC will receive no fixed annual management fee. Instead the fee will be based solely on performance: 10% of the outperformance of the portfolio total return compared to the benchmark return (being return on cash as calculated by reference to the SONIA compounded index). The performance fee in a financial year will be paid annually in arrears if the performance fee for that financial year is a positive amount. If the performance fee for a financial year is a negative amount, no performance fee shall be payable to the Manager in respect of that financial year.
Manny Pohl has also agreed to waive his salary as a Director.
Notice Period
The investment management agreement shall be terminable by the Company if there are material changes to senior executives (or their roles) providing management services to the Company.
