Edinburgh moves to reassure trust boards

Edinburgh Fund Managers (EFM) has moved to reassure the boards of its 12 investment trusts of its long-term stability following the departure of chief executive Iain Watt last week. Watt left following pressure from EFM shareholders including its largest, Hermes, said Rod MacRae, joint managing director of EFM. Hermes has 29.3% of EFM's share capital, according to figures from Bloomberg, followed by Artemis Investments with a 10.4% stake and Prudential with 5.1%. Similarly, EFM will also seek to reassure investors in its 25 Oeics and unit trusts and in its fund of funds division. ...