Shareholders in the Edinburgh-managed SVM Global investment trust have approved its transfer to Henderson Global Investors.

Created by SVM Asset Management 22 years ago, the trust will move next month after its independent board lost patience with a 40% fall in value over five years when the world index gained 40%.

The circular to shareholders ahead of yesterday's annual meeting revealed that when the manager controversially wrote down the value of the portfolio by 13% last September, 6.5% was due to revaluation of less liquid assets, 2% to currency and 4.5% to "accounting errors" since the last audit.

The independent directors launched an "in-depth investigation", and asked PwC to examine the valuation and control issues.

"Following a review of the process used by the manager, PwC's conclusions corroborate the integrity of the valuations as at September 30, 2012, but also raised a number of rectifiable control, process and accounting issues," it said.

SVM Asset Management said the review had "supported the revised valuation made by SVM".

The fund will be renamed Henderson Value Trust, after a beauty parade of 33 managers.