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Intermediate finance chief sells ahead of exit

Philip Keller will leave the specialist asset manager later this year

Intermediate finance chief sells ahead of exit

Intermediate Capital (ICP) chief financial officer Philip Keller is banking gains ahead of his departure from the alternative asset manager later this year, selling shares worth around £1.05m. A successor to Mr Keller – who has held this role since 2006 – is yet to be announced.   

IC TIP: Buy at 1025p

The asset manager – which invests across a range of debt, private equity and real estate via closed-ended funds – has benefited from historically low interest rates, which have spurred institutional investors to search for yield away from traditional assets. While traditional asset managers across the City of London have reported hefty net outflows in recent months, Intermediate surpassed its €6bn (£5.31bn) annual fundraising target by around €100m during the first half. That momentum continued into the final three months of 2018, with net inflows of €1.9bn, of which €1bn was raised across its capital markets funds.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Aberdeen Emerging MarketsHelen Green 05 Feb 20191,800548.889,8801,8000.004
Aberdeen Emerging MarketsMark Hadsley-Chaplin (ch)04 Feb 20195,00055027,50030,0000.065
Aberdeen Emerging MarketsWilliam Collins01 Feb 20193,00055016,50015,0000.033
AEW UK REIT James Hyslop06 Feb 201950,00091.2545,625200,0000.132
AEW UK REIT James Hyslop06 Feb 201950,00091.2545,625250,0000.165
Alcentra European Floating Rate IncomeTrudi Clark 31 Jan 20197,50096.3927,2297,5000.005
B&M Tiffany Hall04 Feb 20193,050327.459,9873,0500.000
B.P. Marsh & Partners Brian Marsh (ch)01 Feb 201919,60828054,90216,584,67944.285
Baillie Gifford UK Growth Fund Ruary Neill 01 Feb 201920,00017735,40020,0000.013
Begbies Traynor  Mark Stupples05 Feb 201930,72765.08820,00030,7270.028
CVS♥  Richard Fairman31 Jan 201910,000404.540,45011,4500.016
Deltex Medical  Nigel Keen (ch)05 Feb 20198,695,6521.12597,82662,918,76212.550
Dunedin Enterprise Investment Trust Brian Finlayson01 Feb 201922,000348.876,736148,0520.717
Dunedin Enterprise Investment Trust Angela Lane05 Feb 20192,473364.5579,01517,4730.085
Emmerson Edward McDermott 01 Feb 2019350,0002.849,940350,0000.056
Filtronic Peter Magowan 01 Feb 2019250,0006.716,750500,0000.240
Filtronic Peter Magowan 01 Feb 2019250,0006.817,000750,0000.360
Filtronic Peter Magowan 01 Feb 2019250,0007.318,250250,0000.120
Findel Stuart Caldwell (cfo)31 Jan 201910,543188.6819,89346,2700.054
Hargreaves Services David Anderson06 Feb 201932,775303.599,47232,7750.102
Invesco Asia Trust Neil Rogan (ch)04 Feb 201913,000274.0435,62543,0000.061
Invesco Asia Trust Neil Rogan (ch)04 Feb 201913,00027535,75056,0000.079
Knights GroupRichard King (coo)04 Feb 201929,38325976,10263,8150.088
Knights Group♥Richard King (coo)04 Feb 201924,01725962,20487,8320.122
Morrison Supermarkets Andrew Higginson (ch)31 Jan 201963,560236150,002329,7690.014
Oakley Capital Peter Dubens31 Jan 2019125,000187.5234,3759,479,0684.628
Oakley Capital Peter Dubens31 Jan 201975,000188141,0009,554,0684.665
Phoenix Global Mining*Dennis Thomas (ceo)06 Feb 201941,176177,0001,196,0483.616
Phoenix Global Mining*Marcus Edwards-Jones (ch)06 Feb 201941,176177,000589,4071.782
Phoenix Global Mining*Roger  Turner (cto)06 Feb 201941,176177,0001,238,3183.744
Proton Power Systems Helmut Gierse (ch)04 Feb 2019336,0607.9526,7173,856,3990.598
Renewi Colin Matthews (ch)04 Feb 2019100,0002525,000450,0000.056
Renewi Toby Woolrych (fd)04 Feb 201959,6532514,913373,4040.047
SSP  Carolyn Bradley31 Jan 20195,932670.6239,7815,9320.001
UDG Healthcare Erik Van Snippenberg01 Feb 20197,50058744,0257,5000.003
Value and Income Trust Matthew Oakeshott04 Feb 201925,00025964,7509,646,00021.177
Value and Income Trust♥ Matthew Oakeshott04 Feb 201925,00025964,7509,671,00021.232
Workspace  Ishbel Macpherson01 Feb 20193,150950.29829,9343,1500.002
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
B.P. Marsh & Partners Campbell Scoones05 Feb 20194,00028611,44049,7980.133
Carclo Christopher Malley (ceo)06 Feb 2019100,00046.546,500193,6590.264
Carr's♥  Christopher Holmes (ch)01 Feb 201930,00017051,000739,0000.809
Intermediate Capital  Philip Keller (fd)06 Feb 2019100,00010451,045,000441,4380.152
Softcat♥Lee Ginsberg31 Jan 20193,47269224,02617,3610.009
*Placing/tender/open offer ♥Spouse/connected party