Places changed at Govett

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The Independent Online
ARTHUR Trueger, the American chairman of Govett & Company, is relocating to the UK to be closer to the fund management operation that is the core of the company's business, writes Paul Durman.

Ian Whitehead, Govett's chief financial officer, is crossing the Atlantic in the opposite direction to take over as head of London Pacific, the group's US life insurance and annuity business.

Mr Whitehead said Mr Trueger's move reflected that 'the driving force behind the group is going to be investment performance'.

Strong growth in funds under management, from dollars 6.5bn to dollars 8.5bn ( pounds 5.7bn), helped Govett to increase pre-tax profits for the year by 21 per cent to dollars 54.6m. Thanks to buying back about 5 million shares, fully diluted earnings per share rose 38 per cent to 62.1 cents.

John Govett, the London fund manager, launched five new funds last year, including emerging markets and high-income investment trusts. Mr Whitehead said the firm was launching a global smaller companies trust, and had plans for other funds investing in Latin America and the Far East.

A final gross dividend of 18 cents a share increases the total by 17 per cent to 28 cents.