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Gartmore pulls VCT

Gartmore became the second provider in a week to pull its VCT from the market on Friday, blaming difficult market conditions for its lack of success.

The Gartmore Premier VCT, which was aiming to reach £25m, has raised just £850,000 since its launch at the start of October. Investors&#39 money will be returned next week.

The withdrawal ends Gartmore&#39s second unsuccessful outing into the VCT market. Its last VCT, which was launched in 1996, is now managed by Elderstreet after Gartmore resigned its management of the fund at the end of 1999.

Pathway One, a small independent VCT, was the first to pull out of the market when it closed at the start of February.

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