US Solar Fund Appoints Manager After Shareholders Pass New Investment Policy

In a stock exchange notice today (17 November), the trust's board said the motion to amend the investment policy had been approved by 89.6% of shareholders.

Amber Infrastructure Investment Advisor will replace the former investment manager New Energy Solar Manager (NESM).

US Solar fund unveils revised investment policy

Last month, the trust said that as well as changing managers, it would expand its investment mandate, which would come into effect once the appointment was confirmed.

The amendments to the strategy include allowing investment into "development stage assets" and other UK-listed investment trusts, as well as removing the requirement for assets to have additional revenue contracts agreed for a minimum ten-year duration.

Amber, which is a part of Amber Infrastructure Group, is working with NESM to ensure a smooth transition, with a target transition date of 1 December.

US Solar Fund selects new investment manager candidate

Gill Nott, chair of the trust, said: "Following extensive shareholder consultation, the shareholder vote marked the final stage of a robust and extensive process pursued by the board over the past 12 months to consider all options to protect shareholder value against a challenging backdrop.

"With its 15-year track record in UK investment company management and substantial experience acquiring, developing, managing and divesting utility scale solar projects in the US, the board believes Amber has all the necessary expertise to maximise shareholder value and will put USF on a stronger footing for the future."

Tom O'Shaughnessy, head of North America at Amber, said the firm is looking forward to working with the board, shareholders and the company's advisors.

RECENT NEWS

What A Rising VIX Means For Pension Funds

Wall Street’s latest selloff has moved beyond a technology-sector wobble and become a broad market event. The Nasdaq C... Read more

Behaviour Cannot Fix A Portfolio Construction Flaw

A Retiree Shouldn't Be Asked to Behave Their Way Out of a Portfolio Construction Problem Why behavioural coaching shoul... Read more

Behavioural & Retirement Portfolio Resilience

Behavioural Survivability and Retirement Portfolio Resilience Why the lived experience of market recovery matters as mu... Read more

Australia's Rate Rise Bites: Highest In 15 Years

The Reserve Bank of Australia has lifted interest rates to their highest level since 2011, and its governor admits the w... Read more

October Retirement Portfolio Resilience Assessment

Markets stabl Read more

Gyrostat September Retirement Portfolio Resilience Assessment

September Retirement Portfolio Resilience Assessment Markets have fallen. The price of risk has risen. ... Read more