Investment group Gartmore has responded to the attacks in the US and listed its funds that have...
Investment group Gartmore has responded to the attacks in the US and listed its funds that have subsequently been suspended.
The group said: "The devastating news from the US is an immense human catastrophe, and everyone's hopes and prayers must be with those involved and touched by the tragedy. The destruction of parts of the financial community in New York has added to the disruption to all world financial markets. However, the authorities have pledged their support, and although those markets that have opened fell sharply as an immediate response, investors have remained calm with low levels of activity."
With regards to the outlook, Gartmore reasoned: "Beyond the initial shock, it is difficult to assess the extent of the impact on the global economy of these unprecedented events. At present, there is insufficient information to give any reasoned investment comment. Markets have already declined over past months in anticipation of an economic slowdown, and central banks are reducing interest rates to stimulate growth, and are likely to provide further liquidity to the financial system. Thus we believe that investors should be cautious in reacting to the tragedy in the US. Our fund managers are assessing the consequences for companies and markets, and we will make regular reports available."
Gartmore added: "Today, given the increasing stability in financial markets, we have been able to price and transact customers' orders in most funds, with the exception of those (regional and global funds) invested in US equities and Latin America. We will transact customers' orders for all markets at the next available valuation point, when fair and accurate market prices are available. We will be unable to advise in advance of each valuation point, but we will seek to provide regular updates."
A list of Gartmore's suspended funds:
Unit Trusts -
American Focus Fund
American Growth Fund
American Smaller Cos. Fund
Emerging Markets Fund
Global Balanced Fund
Global Focus Fund
Global Growth Fund
Global Utilities Fund
Gartmore Capital Strategy Fund Ltd. (GCSF)-
GCSF Emerging Markets Fund
GCSF Global Equity Fund
GCSF Latin America Fund
GCSF North America Fund
GCSF US Smaller Cos. Fund
Emerging Markets Fund Class A
Emerging Markets Fund Class I
Personal Pen. American Fund
Personal Pen. American Emg. Cos.
Personal Pen. Emerging Markets Fund
Personal Pen. Long Term Balanced Fund
Personal Pen. Managed Equity Fund
Personal Pen. Medium Term Balanced Fund
Pen. Strategy American Fund
Pen. Strategy American Emg. Cos. Fund
Pen. Strategy Emerging Markets Fund
Pen. Strategy Index Strategy USA Fund
Pen. Strategy Long Term Balanced Fund
Pen. Strategy Managed Equity Fund
Pen. Strategy Medium Term Balanced Fund
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