Gartmore converts funds to OIECs for Europe drive
UK – London-based asset management group, Gartmore is to convert its range of 46 unit trusts worth collectively £6.1bn (€9.7bn) into four open-ended investment companies (OEICs) from the end of August.
The new fund series will be called Gartmore Investment Funds series and will be registered, listed and managed in London. The new range will, however, be marketed across Europe and a spokeswoman for Gartmore says this is the main reason for conversion.
“The OEICs allow greater international involvement and therefore a wider range of investment opportunities,” she says.
Gartmore says other than allowing international expansion, the OEICs offer more simplicity, flexibility and transparency as well as cost-effectiveness than traditional unit trusts.
The first conversion will comprise nine unit trusts - Gartmore China Growth, Gartmore Pacific Growth, Gartmore Emerging Markets, Gartmore UK Techtornado and the five Gartmore Focus Funds, but these are not the company’s largest funds.