Investment Management firm Iimia is aiming to launch three funds following the arrival of Nick Green...
Investment Management firm Iimia is aiming to launch three funds following the arrival of Nick Greenwood from Christows to head up its new specialist funds division.
Iimia originates from the merger of two solicitor investment managers, Foot Anstey Sargent and Michelmore. Previously at Christows, Greenwood is to run an Oeic fund of investment trusts due for launch in September, subject to FSA approval. Greenwood also hopes to launch a closed end fund of investment trusts in October. This would have a similar mandate to the Oeic but its different structure should give it greater flexibility.
Greenwood said: 'Having closed-ended protection on a fund like this means you do not have to worry so much about liquidity and I can play to my strengths of investing in unfashionable and unloved trusts which is where a lot of value in the market is at present.
'Liquidity is likely to be poor over the next year with three of the big investment banks pulling out of the sector over the last two years, Credit Suisse First Boston, Deutsche and Merrill Lynch. In a closed-ended vehicle this is an issue we believe we could exploit.'
The third fund Greenwood plans to launch at some stage is a fund of reconstructed investment trusts, a vehicle to buy up shareholdings that are no longer core to institutional investors' portfolios.
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