Gresham House, a UK asset manager that aims to consolidate listed investment funds, has picked up a significant addition to its business in the form of the £180m Strategic Equity Capital trust.

The trust, which invests by taking substantial stakes in listed businesses and then aims to effect a strategy or management change, said in a statement on 27 March it decided to switch manager because Gresham House is better placed to win new investors in the trust than its incumbent manager, GVQ.