LONDON (Reuters) - Investment company MAM Funds (MMFD.L) plans to
bring to somebody's attention 50 million pounds , mostly from
institutions, for a fund run by former Gartmore (GRTR.L) older manager
Gervais Williams.
The Diverse Income Trust will close books on its public offer on
April 12, Williams told Reuters on Thursday and will be run as an
equity fund, aiming to pay an income to investors.
Williams added he expected at least two thirds of the shares to go to
institutional investors on account of his long track confirmation
running funds at Gartmore.
Williams, who is a administration director at MAM, left Gartmore last
year after 17 years, adding to a run of older defections from the
company in the year after it listed in December 2009.
After a dismal year, Gartmore eventually received a takeover offer
from rival Henderson (HGGH.L).
Williams was head of smaller companies investments at Gartmore and
ran a number of investment trusts counting the Gartmore Growth
Opportunities GGOR.L and the Gartmore Irish Growth (GIR.I) funds.
The new fund, structured as an investment trust, will target an early
annualised dividend yield of 4 percent, investing in income-bearing
blue-chip, mid and tiny-cap UK stocks.
Shares will be issued at 50 pence each with an early company net
asset value of 48.74 pence per share. (Reporting by Chris Vellacott.
Editing by Cecilia Valente and Will Waterman) (For the Funds Hub
blog: blogs.reuters.com/hedgehub) (For Global Investing: here)
Source: Reuters.Com
