Thursday, 26 March 2015
Last updated 3 hours ago
Sep 14 2010 | 1:13am ET
Activist hedge fund Weiss Asset Management is aiming to profit from the Gartmore Group’s pain.
The Boston-based firm has increased its investment in Gartmore’s Growth Opportunities fund after that vehicle’s discount to net asset value ballooned in the wake of the resignation of its manager, Gervais Williams. That fund’s board of directors filed a notice of termination with Gartmore following Williams’ exit; it will reportedly interview other potential managers before deciding whether to fire Gartmore.
Weiss now owns 6.2% of the Gartmore fund. Its discount has more than tripled to 10%, from an average of 3% over the past year. In October, shareholders who have held the fund for more than a quarter—in other words, not including Weiss—will be able to tender their shares at a 2% discount.
“We think the board should take steps to eliminate the discount that the fund’s shares are trading at versus its net asset value,” Eitan Milgram, head of trading at Weiss, told the Financial Times.
Weiss is no stranger to the board at Growth Opportunities. The hedge fund owns a 29% stake in the Marwyn Value Investors fund, which shares a chairman, Robert Ware, with the Gartmore fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…