Emerging IT sector sees fund closure

The number of investment trusts offering investors exposure to emerging markets is to be further reduced with the reconstruction of Fleming Russia Securities. Shareholders in the trust will be offered the choice of rolling over their investment into a new trust, a cash exit or a stock in specie transfer. HSBC analyst Paul Locke said no further details are available regarding the costs of the reconstruction. The periodic bouts of absolute and relative performance strength make the likely loss of assets from the fund unwelcome, Locke said. 'This is made even more acute as the Russian ...