Close pulls out of investment trusts

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Charges in three investment trusts formerly promoted by Close Investments have fallen after a new boutique firm was appointed to run the administrative and operational functions of the vehicles.

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...

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