Carrousel: Control Of Gartmore Trust Not In The Offing

Feb 28 2007 | 11:07am ET

London hedge fund Carrousel Capital went on the defensive yesterday regarding its intentions toward the £398 million Gartmore European Investment Trust, a closed-end fund. In a letter to shareholders urging support for his three nominees to the trust’s board, Carrousel founder and CEO Bruno Sanglé-Ferrière said his fund, which owns nearly 30% of the trust’s shares, did not want control of the trust and would not seek to liquidate the fund.

“The Board has stated: What does Carrousel want with the Company? What do Carrousel’s nominees intend to do?” Sanglé-Ferrière wrote. “The answers are quite clear: Carrousel wants the fund to deliver real shareholder value.”

The hedge fund manager also took the board to task for refusing to release the results of a recent corporate review. “What have the Board got to hide?” he asked.

Sanglé-Ferrière warned that, while he agrees in principal with the trust’s share buyback program, he threatened to vote against the proposed reauthorization to keep that authority aware from current management, led by manager Roger Guy.

Win or lose, Sanglé-Ferrière said his days as the trust’s largest shareholder are numbered. He told Reuters that he’ll stay in for a whole “to show my support,” but that he expects to unwind his investment “by the end of the year, maybe shorter, maybe longer.”


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR