City Natural Resources
Growth & Income PLC
City Natural Resources Growth and Income Plc is a UK-listed investment trust focused on global mining, energy and resource opportunities, designed to deliver long-term growth and dependable income through active management and a flexible investment approach.
Our Team
City Natural Resources Growth and Income Plc is managed by Tufton Investment Management Ltd, a specialist investment manager focused on maritime, raw materials, and energy-related investments, with c.$500m in assets under management and a further c.$1bn in committed pipeline capital across public and private funds and mandates. Tufton is authorised and regulated by the Financial Conduct Authority.
The Company’s portfolio continues to be managed by Keith Watson and Robert Crayfourd, who have an established track record in the natural resources sector and have re-joined as employees of Tufton, ensuring continuity of the Company’s investment approach for shareholders.
Keith Watson
Co-Fund Manager
Experience:
Keith Watson is a co-Fund Manager for City Natural Resources Growth and Income Plc.
Keith joined Tufton in 2026 from CQS, where he had been a Fund Manager since July 2013. Prior to CQS, Keith was a Senior Natural Resource Analyst at Mirabaud Securities. Prior to Mirabaud, Keith was Director of Mining Research at Evolution Securities. Previous to this, he was a top-ranked business services analyst at Dresdner Kleinwort Wasserstein, Commerzbank and Credit Suisse/BZW. Keith began his career in 1992 as a Portfolio Manager and Research Analyst at Scottish Amicable Investment Managers. Keith holds a BSc (Hons) in Applied Physics from Durham University.
Rob Crayfourd
Co-Fund Manager
Experience:
Robert Crayfourd is a co-Fund Manager for City Natural Resources Growth and Income Plc.
Rob joined Tufton in 2026 from CQS, where he had been a Fund Manager since 2011. Prior to joining CQS, Rob was an analyst at the Universities Superannuation Scheme and HSBC Global Asset Management, where he focused on the resource sector. Rob is a CFA charterholder and holds a BSc in Geological Sciences from the University of Leeds.
Christopher Casey
Director and Chairman of the Board
Length of service:
9 years – appointed a Director on 1 October 2017; appointed Chairman of the Board with effect from 10 December 2024.
Experience:
Christopher is currently a non-executive director of BlackRock Frontiers Investment Trust plc and chair of the audit committees of Fidelity Special Values plc and Life Settlement Assets PLC. Christopher was a KPMG partner until 2010. Since then, he has carried out a number of non-executive board roles including chairman of China Polymetallic Mining Ltd. Christopher previously served as Chair of the Audit Committee from 1 April 2022 until his appointment as Chairman of the Board.
All other public company directorships:
BlackRock Frontiers Investment Trust plc (with effect from 1 October 2025)
European Smaller Companies Trust plc
Fidelity Special Values plc
Life Settlement Assets PLC
Carole Cable
Director
Length of service:
9 years – appointed a Director on 1 October 2017.
Experience:
Carole is a partner and co-head of the Energy and Resources practice at Brunswick Group LLP, where she advises clients in the mining and metals sector. Carole has had a 25-year career connected to the mining and commodities sector, initially on the sell side at JP Morgan and Credit Suisse. Carole was the chair of Women in Mining UK and, until June 2025, a non-executive director of Nyrstar NV, the former holding entity of a global multi-metals business.
Paul Cahill
Director
Length of service:
4 years – appointed a Director on 23 June 2022.
Experience:
Paul is chairman of the Advisory Board of Bacchus Capital Advisers (an independent investment and merchant banking platform focused on metals and mining); a non-executive director of ASX-listed Skylark Minerals Limited; and a Senior Adviser, Mineral Resources for Mitsubishi Corporation. Paul has over 30 years of experience in the natural resources sector, most of which with the Anglo American Group in various senior roles including Group Head of Business Development.
All other public company directorships:
Skylark Minerals Limited
Louise Hall
Director
Length of service:
2 years – appointed a Director on 1 August 2024.
Experience:
Louise spent over 30 years as an investment manager at Investec Wealth and Investment, a private client wealth management firm, ultimately sitting as an Executive Director on their board and running their largest office. Since retiring from full time work, Louise has sat on the Save the Children Investment Committee and been Chair of Governors at a girls’ school in Dorset. More recently, Louise has become an independent non-executive Director at wealth management firm, JM Finn.
Seema Paterson
Director and Chair of the Audit Committee
Length of service:
2 years – appointed a Director on 1 August 2024; appointed Chair of the Audit Committee with effect from 10 December 2024.
Experience:
Seema is a chartered accountant, having qualified in 1999 with Arthur Andersen in London. Seema has also worked in mergers and acquisitions at Société Générale and in corporate finance at Collins Stewart. She is currently chief financial officer and board director of This Works Products Limited, a private equity owned wellness and beauty brand with operations across the world and a non-executive director of Baillie Gifford UK Growth Trust plc. Seema also serves on the board of Resurgo Trust, a youth employment charity based in London.
All other public company directorships:
Baillie Gifford UK Growth Trust plc