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Murray VCT4 to stay at Aberdeen

Murray VCT 4 has decided not to move its management contract to Close Venture Management and is staying with Aberdeen Asset Management.

In February, the four Murray VCT boards were accused of self-interest for voting to move to Close after Aberdeen announced plans to merge two of the VCTs, potentially costing directors their jobs.

The notice of termination which Murray VCT 4 served on Aberdeen was due to expire on August 8 but has now been withdrawn. The other three VCTs will still move to Close.

The Murray VCTs were acquired by Aberdeen when it bought Murray Johnstone in 2000. They have suffered poor performance although this has been improving since September when Aberdeen overhauled investment processes and sacked several Murray Johnstone fund managers.

Chelsea Financial Services bond and VCT manager Matthew Woodbridge says: “It is possible there were problems with some of the mandates. Some of the companies in the portfolio were going to have their mandates remain with Aberdeen or perhaps the directors decided that, because of the companies in the portfolio, they would rather stick with a manager with nationwide coverage.”


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