New fund manager at TR European Growth Trust PLC (TREG)

The Board of TR European Growth announces that Ollie Beckett will take over the management of the TREG portfolio with effect from 1 July 2011. Simon Savill will remain as assistant fund manager.

Stephen Peak, who has managed the TREG portfolio since the Company's launch in 1990, and is the head of Henderson's Pan-European Equities Investment Team, will focus on his recently increased responsibilities for specialist long only and Hedge Fund clients.

Beckett, who joined the Henderson Pan European Equities Investment Team in 2005 and the TREG team in 2010, has 15 years of investment experience in Continental European equity markets across a variety of mandates.  He has been a specialist in European smaller companies for over five years.

Ollie is the manager of the €479 million Henderson Horizon Pan-European Smaller Companies Fund which has enjoyed first quartile performance over one and three years and second quartile performance over five years.

The Board has been impressed with Ollie's Horizon Fund recent performance track record and the contribution he has already made in relation to management of the TREG portfolio.
Stephen Peak will be introducing Ollie to shareholders over the next two months.

Commenting on the appointment, Audley Twiston-Davies, Chairman of TR European Trust said: "Ollie's experience and record of managing the Henderson Horizon Pan-European Smaller Companies gives the Board confidence that he is the right choice of manager to succeed Stephen Peak in guiding the Company's investments.
“Ollie's appointment will assist TREG in focussing on its investment objective of seeking to generate capital growth from a diversified portfolio of smaller to medium sized companies in Europe (excluding the UK). The Board would like to thank Stephen for his contribution to the Company's success over the past 20 years."

Stephen Peak said: "Whilst it is a wrench to leave TREG after 21 years, it is clear to me that TREG needs a specialist who is 100% focussed on European Smaller Companies. Ollie is a talented fund manager who has the skill and expertise to take TREG to the next successful stage of its development."

Ollie Beckett said: "An investment trust company is an ideal structure for managing Continental European smaller company investments and I am very excited to be succeeding Stephen as the Portfolio Manager of TREG. I look forward to working with the Board, meeting the shareholders and delivering investment outperformance."