Many investors are hoping 2018 will see the P2P Global Investments fund’s share price continue to recover.
City veteran and P2P Global Investments non-executive director Michael Cassidy has increased his holding in the investment trust buying £124,500 worth of shares.
Cassidy, a lawyer who’s also a non-exec of Crossrail and a former chairman of the Barbican and the City Corporation’s Property Investment Board, bought the stock on 10 January.
Cassidy bought 15,000 at an average price of £8.30.
P2 Global Investments, the largest closed-ended investor in P2P loans as well as other non-bank lending assets has been undergoing a restructuring in the past 18 months or so.
When it launched in May 2014 it saw an initial burst of demand for its shares, moving to a double-digit premium quickly. This was replaced by a double digit premium within two years as the portfolio saw a number of headwinds emerge.
Its managers made a number of changes including merging their business with Pollen Street Capital – a rival private credit fund manager – as well as moving away from being a pure P2P play and more towards specialty lending against secured assets.
One analyst even shifted to labelling the fund a ‘buy’.