Close pulls out of investment trusts

Frostrow Capital, headed up by former managing director of Close Alastair Smith, will now carry out the day-to-day executive functions for the £250m Finsbury Worldwide Pharmaceutical trust, the £72m Finsbury Emerging Biotechnology trust and the £172m Finsbury Growth & Income trust. The move has bought down the costs to investors in all three trusts. The total savings to investors through reduced administrative costs amount to £100,000 and £180,000 respectively in the Biotechnology and Growth and Income trusts, and £500,000 in the Pharmaceutical offering. The new company is exclusively...