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Gartmore shareholders veto Japan fund merger

Gartmore shareholders today voted against proposals to merge its £24m Japan Opportunities fund into the forthcoming Japan absolute return fund.

In an extraordinary general meeting, investors turned down the merger plan. However, a spokesperson for Gartmore says the proposal was not dependent on the new fund, which will still be launched on January 29.

When it first suggested the merger, Gartmore said an absolute return strategy would be better for investors because it would mitigate the effects of fluctuating foreign exchange values which were causing volatility in the Japan opportunities fund.

Investors are still eligible for free switching into another Gartmore fund.

The group will write to shareholders next week notifying them of the result of the EGM

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  1. Good news. I accept that fund values can fall but do not like the way companies sometimes try to hide abysmal performance. The money I gave them in 1994 is now worth 30% less than the amount invested. Perhaps their luck will change and fund performance improve. Not sure how moving my loses to an absolute return fund would help me.

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