Top Merrill banker joins board of UK wealth manager
Troy Asset Management, the investment management company founded by the late Lord Weinstock in 2000, has appointed a senior Merrill Lynch investment banker as a non-executive director, after delivering strong investment returns last year.
Jan Pethick, chairman of Merrill Lynch International debt capital markets, Europe, will join the Troy board.
Chief executive Sebastian Lyon said: “There is no doubt that 2008 was a tough year, however, our funds performed well and we believe we are well placed to face the challenges of 2009.”
In its annual report, Troy said its Trojan fund returned 1.1% last year versus the FTSE All Share index return was minus 29.9%.
Lyon, who manages the Trojan Fund said: "At Troy, we have been criticised in the past for being too cautious. By contrast, we are primarily equity investors and we believe in buying stocks for the long run - but only at the right price. The secular bear market that began in 2000 is nearer its end than its beginning while valuations are the lowest since the 1980s. This is why, having bided our time, we are now becoming slightly more optimistic."
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