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Now Gartmore pulls out of VCT market after premier fund fails

Gartmore became the second provider in a week to withdraw its venture capital trust, blaming difficult market conditions.

The Gartmore premier VCT, which was aiming to reach £25m, has raised just £850,000 since its launch in October. Investors&#39 money is being returned this week.

The withdrawal ends Gart-more&#39s second unsuccessful outing into the VCT market in less than six years. Its last VCT, launched in 1996, is 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 this season when it closed at the start of February. According to the VCT website efficien, the VCT industry had raised just£44m at the end of January of the £271m being sought.

There is speculation that Isis technology, which has raised less than £500,000 of its £25m target, will be the next to close.

Tax Efficient Review editor Martin Churchill says: “This action clears the wounded from the battlefield and allows the survivors to battle on.”


Affinitas buys Army financial adviser

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Stop single approach to boost Isas

All the signs are that this will be the worst Isa season on record. Estimates vary from a drop of 25 per cent to as high as 75 per cent from last year&#39s season. Given that last year was much lower than the one before, the picture just keeps getting blacker and blacker.Although it is […]

Lion Trust recruits head of distribution

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Focus system to speed up Skandia bond applications

IFAs using Skandia&#39s extra-net can complete investment bond applications electronically following the implementation of a system from Focus Solutions.The Goal technology system allows product providers to offer intermediaries and consumers online applications without needing additional software. It will go live to 8,000 registered IFAs in March.Skandia is the first provider to use the technology on […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


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