Pollen Street Capital, a UK-based private equity firm abruptly sacked as manager of a £600m listed investment trust last week, has issued a lengthy statement refuting any wrongdoing and accusing the trust board of a “confrontational approach”.

The firm was terminated as manager of the Pollen Street Secured Lending trust on 25 February and accused of “serious, repeated and ongoing breaches” of its contract. Simultaneously, the trust announced a bid approach from Waterfall Asset Management, a manager specialising in structured credit.