View the article online at http://citywire.co.uk/money/article/a459464
No Gervais, no future as Gartmore Irish Growth gives up the ghost
Gartmore Irish Growth (GIR), the only investment trust focused on Ireland's smaller companies, is to be wound up following the departure of fund manager Gervais Williams to MAM Funds.
Gartmore Irish Growth (GIR) , the only investment trust focused on Ireland's smaller companies, is to be wound up following the departure of fund manager Gervais Williams to MAM Funds.
Williams' exit in September from Gartmore, the troubled investment group now in bid talks with Henderson, prompted the board of Gartmore Irish to evaluate the future of the £49 million trust.
Since then shareholders have expressed their doubts about the trust's viability during Ireland's economic crisis. As the trust is too small to buy out a large number of investors the board says selling off the trust's holdings and returning cash to investors is the only option.
In a statement it said: 'The directors have decided that the company should embark on an orderly dissolution and cash will be returned to investors, commencing in the first quarter of 2011, from the realisation of the portfolio.'
The board may offer investors the chance to switch into another fund, although this may be difficult given the uncertainty over Gartmore, which was rocked by the departure of star European fund manager Roger Guy last month.
According to the board the trust delivered compounded annual growth of 14.1% since its launch in 1995.
Williams joined MAM last week as managing director. It is not known yet what funds he will run there. The firm was formerly known as Midas Capital and Miton Asset Management. Its CF Miton Special Situations fund, run by Martin Gray, features in our Citywire Selection of investment picks.
Williams' other investment trust - Gartmore Growth Opportunities Trust - has already merged with Artemis Alpha Trust, managed by John Dodd, also a member of Citywire Selection.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Look up the shares
Look up the investment trusts
Look up the fund managers
More from us
- Citywire Selection: don't buy Gartmore funds until there is more clarity
- Gartmore shoots 9% higher on Henderson bid report
- Roger Guy: Citywire's tips for other European funds you can choose
- Investment trust board places Gartmore under review
- Citywire Selection: we drop Gartmore fund after Guy's departure
- Citywire Selection
What others are saying
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by Daniel Grote on Apr 29, 2016 at 15:35