Friday, 24 October 2014
Last updated 14 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...