Schroder UK Growth board reveals 23% of shareholders may need to sell after Baillie Gifford transition

Sitting in Schroder ISA scheme

The board of the £300m Schroder UK Growth fund, which is set to be taken over by Baillie Gifford, could face 23% of its shareholders selling their positions as they sit in the Schroders ISA Saving Scheme that may no longer be able to hold the trust's shares.

In an update to the London Stock Exchange this morning, the board provided an update on the transition of the investment management arrangements from Schroders to Baillie Gifford as previously announced on 13 April. It said it should receive necessary authorisation from the Financial Condust Authority (FCA) shortly and Baillie Gifford expects to take on management responsibilities no later than 13 July 2018. However, the board has been advised by the administrator of the Schroder ISA Saving Scheme that its underlying investors may no longer be able to hold shares in the trust once it ...