P2P Global Investments founder Simon Champ departs
THE FOUNDER of the first peer-to-peer focused investment trust has left the fund.
Simon Champ, who helped launch P2P Global Investments (P2PGI) in 2014, departed a few weeks ago “by mutual agreement,” a spokesperson for the fund told Peer2Peer Finance News.
Champ was chief executive of MW Eaglewood until it merged with Pollen Street Capital to create PSC Eaglewood last year in an attempt to boost performance and reduce its discount to net asset value (NAV).
The spokesperson said Champ had taken on the role of business development manager after the merger, focusing on investor relations.
His role will not be replaced but responsibilities will be shared among other staff, the spokesperson added.
P2PGI was the first investment trust focusing on the sector, initially placing money with platforms such as RateSetter and Funding Circle.
It had already been shifting towards asset-backed securities but conducted a strategic review following the merger that concluded that P2PGI would continue repositioning to specialist and secured assets with a higher risk-adjusted return and accelerate the reduction in exposure to mainstream US consumer loans.
There was no mention at the time of the possibility of Champ’s departure.
The fund posted an improved NAV return of 0.41 per cent in April, up from 0.12 per cent in March.
P2PGI currently has £734m of assets and is trading on a discount to NAV of 15.7 per cent.