Gartmore's UK Select Opportunites fund is to be rolled into the group's UK Growth unit trust on 19 O...
Gartmore's UK Select Opportunites fund is to be rolled into the group's UK Growth unit trust on 19 October. Both portfolios are managed by Eric Moore and have similar investment mandates, namely to provide capital growth.
At current NAV levels, the result will be the creation of a £442m portfolio, with £156m from UK Selected Opportunities going into the £286m Growth fund, providing there are no redemptions. The merger, which follows unit holder approval granted on 28 September, takes place at the same time that the £63.6m Gartmore Global Balanced Fund rolls into the smaller £38.6m Global Growth portfolio. Both these international portfolios are run by Julian Sinclair.
Gartmore believes the mandate on the smaller fund is better placed to deliver higher long term returns to investors. Global Balanced, in the global equity & bond sector, has risen by 12.66% offer to bid over three years to 3 September. Global Growth, in the global growth sector, has risen 5.89% over the same period.
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