Low Carbon Investors’ founder leaves

Management change at clean investment firm

Mark Shorrock, the co-founder and former chief executive of UK cleantech asset manager, Low Carbon Investors (LCI), has left the firm.
Low Carbon Investors is the investment manager of Low Carbon Accelerator, an AIM-listed, closed-end investment company in which the Derbyshire and South Yorkshire pension funds have sizeable investment stakes. LCI said Shorrock had left the firm “to pursue other opportunities”. Shorrock is retaining a significant minority shareholding in LCI but will have no ongoing executive or management role. Shorrock co-founded LCI in 2006 along with current chief investment officer Steve Mahon, who remains with the firm. In anticipation of Shorrock’s departure, LCI chairman Andrew Affleck took on the CEO role. LCI, which is Guernsey-registered, is now run by Affleck, CIO Steve Mahon andCFO Andrew Newman. Separately, Gerald Davis and Christopher Le Tissier recently resigned as non-executive directors of Low Carbon Accelerator, the closed-end investment company. Le Tissier, who had been appointed as a representative of Ogier, the fund administrator, was replaced in his non-exec role by Mark Tanguy, another Ogier representative. Derbyshire County Council and the South Yorkshire Pension Fund have 4.5% and 4.3% stakes respectively in Low Carbon Accelerator. RBS, the government-owned UK bank, owns 45% of the investment company. Low Carbon Accelerator reported an unaudited 2.2% increase in net asset value over the last five months to reach £44.2m (€51m), equivalent to 51.4 pence per Ordinary Share against an audited NAV of 50.3 pence per Ordinary Share on 30 November, 2009.