LSE:FERG 9 December 2025

July 10, 2026, 3:00 AM EDT. Golden Prospect Precious Metals (GPM) will bring in Baker Steel Capital Managers as its next investment manager and AIFM starting in Q3 2026. Baker Steel, which manages £1.7bn and focuses on mining and metals, plans to keep GPM's current strategy and will look mainly at smaller gold and precious metals miners. The appointment comes after Keith Watson and Robert Crayfourd resigned and left for Tufton Investment Management. Baker Steel's gold strategy returned 69.2% over the year to June 2026, ahead of the MSCI ACWI Select Gold Miners Index. GPM's fee will fall to 0.82% from 1.04% of NAV, with Baker Steel waiving its fee until March 2027 to prevent overlap. GPM said Baker Steel was chosen after a search that also considered Tufton and CQS Manulife.