Gartmore Irish Growth trust to wind up

Gartmore's closed-ended Irish Growth fund will wrap up in the New Year, subject to shareholder approval.

In a stock exchange announcement, the company says many investors do not want to continue with their exposure to the Irish equity market and, with assets of £49m, it is not economically viable to apply share buybacks. Therefore it has been decided to return cash to investors. An "orderly dissolution" of cash will begin in the first quarter of 2011, if investors approve at a general meeting, while an option to transfer into an open-ended alternative is still under negotiation. This follows the resignation of the trust manager, Gervais Williams, in September. The statement also says ...