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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.

 
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.

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.

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Investment Trusts: buy, sell, hold

by Gavin Lumsden on Oct 30, 2014 at 10:51

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