Hedge Fund Manager’s Exit Costs Gartmore One Fund

Sep 29 2010 | 9:17am ET

One of Gartmore Group’s funds is flying the coop in the wake of the resignation of its manager.

The £51 million Growth Opportunities Fund’s board has voted to fire Gartmore and merge with the £75 million Artemis Alpha Trust, which is run by Artemis Investment Management. The fund earlier this month issued a notice of termination to Gartmore following the exit of manager Gervais Williams, one of Gartmore’s top fund managers.

The trust interviewed 14 management firms before picking Artemis.

Investors in Growth Opportunities will have to approve the new management plan and merger in December. To sweeten that pot, the fund plans to allow investors to redeem up to 30% of their investments at a discount to net asset value of just 5%; the fund currently trades at a 9% discount.

Another Gartmore fund, Irish Growth, is also considering switching managers. Williams also managed Irish Growth.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

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

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR