Shares in CQS Natural Resources Growth & Income PLC (LSE:CYN), Geiger Counter Limited (AIM:GCL) and Golden Prospect Precious Metals (LSE:GPM) fell after their portfolio managers resigned from fund manager CQS.
CQS, part of the Manulife group, is the investment manager for the three investment trusts, with Keith Watson and Robert Crayfourd the named co-managers.
Watson and Crayfourd have tendered their resignations and will both serve a three-month notice period at CQS, while continuing to manage the companies portfolios, investors were told.
Golden Prospect said: "The board will be discussing the impact of the resignations on GPM with CQS and is actively considering its options regarding the future management arrangements for GPM. The board has therefore resolved to serve protective notice of termination on CQS in respect of the investment management agreement forthwith, whilst those discussions and such review are ongoing. The investment management agreement between GPM and CQS has a notice period of 12 months."
In its statement, CQS Natural Resources Growth & Income said: "The company does not expect any immediate disruption to its investment process, strategy or operations. The company is considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of our shareholders."
Golden Prospect shares fell 7.75%, Geiger Counter dropped 7.5% and CQS Natural Resources 6.4%.
Watson has been at CQS since 2013, while Crayfourd joined in 2011.