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.

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