DAILY BULLETIN
Wednesday 31 May 2017 | | | A few weeks ago I wrote about the mixed fortunes of the peer-to-peer investment trusts with the poor performance of P2P Global Investments (LON:P2P), the largest fund in the sector, prompting the Board to initiate a review of its investment management arrangements.
The Board has now concluded its investigation and has announced that the investment manager, MW Eaglewood Europe, will merge with Pollen Street Capital, which runs the Honeycomb investment trust (LON:HONY) that operates in the same sector. Pollen Street will have overall control of the combined group.
Details of what this will mean for investors in P2P are still quite sketchy, although the Board has said that the fund will follow a "revised, more flexible investment strategy" and that the portfolio will be transitioned into "more attractive specialist assets". The plan is also to have a greater proportion of the fund invested in sterling denominated loans and to reduce the number of peer-to-peer market place lending platforms that it is exposed to.
Pollen Street Capital was spun out of the RBS private equity team in November 2013. The firm has invested over £1.2bn across a range of businesses with the main focus since 2008 being financial services.
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