manager seeks additional income stream for £1.7bn gartmore European select fund
Roger Guy's £1.7bn Gartmore European Select Growth fund has begun lending stock to add extra income to the portfolio. Stock is usually lent to hedge funds often to short a company, although Gartmore said Guy is not lending the stock to himself to run his long/short European portfolio or any other Gartmore hedge fund. Instead the group uses a custodian to lend the stock and therefore Guy is unaware of the end borrower. The group is only doing this on its largest unit trust at the moment as it sees the demand for stock as a way in which to provide an additional income stream to the fund...
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