News round-up: Gresham House Strategic trust proposes name change after new appointment; Duke and Duchess of Sussex join fintech asset manager, Ethic; SEC to make updates on filing fee disclosure and payment methods

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Gresham House Strategic trust proposes name change to Rockwood Strategic with Harwood Capital appointment

Gresham House Strategic (GHS) trust has appointed Harwood Capital as its new investment manager after ending its ties with Gresham House Asset Management (GHAM). With that move, the board has proposed its name change to Rockwood Strategic.

Richard Staveley is set to take on the role of lead portfolio manager at Harwood Capital, following his departure 20 months after arriving at GHAM.

The trust's investment management agreement with GHAM will cease immediately but the company’s current investment policy will remain in place.

Interim chair of the trust, Helen Sinclair, said: "We, as the independent directors, firmly believe that Harwood has demonstrated exceptional expertise over the long-term as a specialist investor in public and private equity.

"Harwood intends to commit capital to investing in the team and marketing the company. The independent directors believe that this, coupled with continued strong investment performance, will help achieve appropriate scale and close the discount over the medium term. All these initiatives are in the long-term interests and benefit to shareholders."

CEO of Harwood, Christopher Mills believes that "the opportunity for experienced investors in UK small companies is significant".

"We see the market as often highly inefficient, with a lack of research coverage providing the conditions for a focused approach to select the very best opportunities for strategic investments to drive strong returns for shareholders. We have led the market in this engaged manner for many years, demonstrating excellent outcomes in both public and private equities, and we look forward to welcoming Richard, shortly, when he can continue his excellent work for the company," Mills said.

As of 30 June 2021, Harwood Capital, part of the Harwood Capital Management Group, has £2.3 billion of assets under management in public and private equities.

Duke and Duchess of Sussex join fintech asset manager Ethic

Prince Harry and Meghan, the Duchess of Sussex, are joining fintech asset manager Ethic in hopes that their involvement would help democratise investing to help younger people make more informed decisions when it comes to investing, particularly in sustainable companies.

“You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from,” Prince Harry said.

In a pledge to focus on supporting companies aligned to their values, they will be joining Ethic as “impact partners” as they unveiled a series of lucrative corporate partnerships following their departure as senior royals and relocating to the U.S.

Founded in 2015 by Doug Scott, New York-based Ethic has $1.3 billion under management and has separately managed accounts to invest in ESG areas. Some of Ethic’s focus areas include racial justice, climate, and labour issues.

SEC to make updates on filing fee disclosure and payment methods in modernisation efforts

The Securities and Exchange Commission (SEC) has made amendments to update its filing fee disclosure and payment methods. Funds pay filing fees when engaging in certain transactions, some of it includes registered securities offerings, tender offers and mergers and acquisitions.

The changes and updates revise most fee-bearing forms, schedules, and related rules to require companies and funds to include all required information for filing fee calculations in a structured format.

The amendments also add new options for Automated Clearing House (ACH) and debit and credit card payment of filing fees and have now eliminated infrequently used options such as paper checks and money orders. The amendments are intended to improve and simplify filing fee preparation and payment processing by facilitating both enhanced validation through filing fee structuring and lower-cost, easily routable payments through the ACH payment option.

“The Commission voted unanimously to modernise how filing fees are reported, calculated, and paid. I am pleased to support this final rule,” said SEC Chair Gary Gensler. “These updates, which will be phased in over the coming years, will make the filing process faster, less expensive, and more efficient for SEC staff and market participants.”

The adopting release will be published in the Federal Register and will be effective on January 31, 2022. The amendments that will add the options for filing fee payment via ACH and debit and credit cards and eliminate the option for filing fee payment via paper checks and money orders will be effective on May 31, 2022.  The SEC is providing an extended transition period to give filers additional time to comply with the Inline XBRL structuring requirements for filing fee information.

Stephanie Taylor

Head of Event Content, HFM

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