The People’s Trust, which confirmed earlier this week that it had already reached half of its £100,000 crowd-sourcing target, said on November 3 that five industry veterans had committed to becoming directors.
Among them are Douglas Ferrans, the former chairman of the IA who also led Insight from 2001 to 2009, and Jane Tuffnell, who in 1994 founded Ruffer Investment Management.
Godfrey and Ferrans previously worked together at the IA.
David Trenchard, the former vice chairman of activist investor Knight Vinke; Hugh Aldous, a director at Polar Capital; and Craig Cleland, the head of corporate development, investment trusts, at hedge fund CQS, complete the list.
Godfrey told FN the moves were dependent on the trust being incorporated as a company and receiving regulatory approval, which he hoped would be achieved during the second quarter of 2017.
According to the statement, the trust wants directors to commit ahead of its launch next year.
Godfrey said in the statement: “The People’s Trust has been able to attract individuals of extraordinarily varied experience and abilities to promote and protect the interests of shareholders. I believe this is because there is such a strong, shared interest in doing something concrete that provides a true long-term investment approach and which makes it accessible to people who would never have considered investing before.”
Asset managers First State Investments and Orbis Investments, as well as consultancy Willis Towers Watson, have already committed to the trust. It is looking for about 5,000 small investors to pay around £20 to become a “founder”, giving them the opportunity to invest in the trust’s 2017 listing at a small discount.
The trust, which says it will be wholly owned by its customers, will aim for a long-term return of approximately 7% a year over a seven-year period.