Thursday, 28 August 2014
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...