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Investors reject Gartmore Japan funds’ merger

Gartmore shareholders last week voted against proposals to merge its £24m Japan opportunities fund into the forthcoming Japan absolute return fund.

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

When Gartmore first suggested the merger, it 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.

Long View principal John Blackmore says: “I am glad to see this as it seems to be industry practice for fund houses to merge funds to hide performance. I also want to stay in Japan as opposed to an absolute ret- urn fund.”



Corporate insolvency could rise by 20%

Accountancy firm Carter Backer Winter partner John Alexander says corporate insolvencies could rise by as much as a fifth this year. He says the financial services sector will be vulnerable to increased insolvencies due to pressures such as increasing compliance costs, risk aversion among investors and low interest rates. He says: “Businesses have to invest […]

Suspensions at Fidelity in Hong Kong

Fidelity International has suspended two senior fund managers in Hong Kong over a possible breach of its internal code of conduct.


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