The founder and chief executive of Victory Park Capital (VPC) is to step down from the investment trust that the firm manages.
Richard Levy is a director on the board of the VPC Specialty Lending (VSL) investment trust.
He founded VPC in 2007 and oversees the firm’s investment and operational activities.
VPC has been investment manager of the VSL investment trust since its launch in 2015.
A stock market update from VSL said Levy has indicated his intention to retire as a director of the investment trust once the search for his replacement has been concluded.
A recruitment process has already begun for a non-executive director to replace him by the end of 2020.
“The board would like to express its gratitude to Richard for the significant contribution he has made during his tenure as a director,” Kevin Ingram, chairman of VSL, said.
“He has brought relevant sector insight and expertise and his market knowledge and commercial judgement have been of particular value during the recent market turbulence.”
It comes as VSL holds its annual general meeting today where the board hopes shareholders will back a continuation vote to carry on with the alternative finance-focused fund.
Some shareholders have expressed concerns about the conditions for allowing the fund to continue but the board has now promised shareholders an option to vote on the closure of the fund next year if they are still unhappy with its performance.