The board of the £54m Gartmore Growth Opportunities trust has served ‘protective’ notice of termination of its management agreement with Gartmore, following the resignation of Gervais Williams.
Its decision starts the 12-month notice period it has to give Gartmore in order to end the contract.
The board says it has taken the action in order to reduce the potential costs if it decides not to stay with the group.
However, the board adds it is still considering the trust management arrangements and may withdraw the protective notice.
Williams resigned from Gartmore last week and will leave the firm at the end of September.
He was head of UK smaller companies and ran the £84m Fledging and £47m Irish trusts, the £150m UK & Irish Smaller Companies Oeic, as well as the Growth Opportunities trust.
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