Listed ESG-focused investment trust JELN has appointed its investment adviser, Foresight Group, as its external alternative investment fund manager (AIFM) with discretionary investment management authority for the company.

Foresight Group has been appointed pursuant to an investment management and AIFM agreement in substitution for the existing investment advisory agreement between the company and Foresight Group which has now been terminated.

Until this decision, JLEN has been a self-managed alternative investment fund which took its own investment management decisions on the basis of advice from Foresight Group.

As discretionary investment manager, Foresight Group will take investment management decisions on behalf of the Company, subject to the terms of the Investment Management Agreement. The fees payable by the Company to Foresight Group under the new Investment Management Agreement remain unchanged.

As AIFM, Foresight Group will remain subject to the company's published investment policy and the supervision of the Company's board of directors. The board also retains overall responsibility for the Company's activities, including reviewing its investment activity, performance, business conduct and policy.