Genesis IM says investors should be offered full exit from EM trust

Follows Fidelity appointment

Genesis Investment Management has argued that investors should be offered the opportunity to fully exit their position from the Genesis Emerging Markets fund, following the appointment of Fidelity International as the new manager.

The statement from the current manager of the fund, which has held the role for over three decades, comes in response to a recent proposal from the trust's board, which may restrict investors to a sale of 25% of their holdings. Fidelity eyes up to 4% unlisted exposure for Genesis trust Currently, shareholders have been offered the chance to sell up to 25% of the fund at a 2% discount to net asset value (NAV). However, this is pro-rated between shareholders, meaning if all take advantage of this offer, each investor would be capped at 25% of their individual holding. However, Genesi...