Activist hedge fund Carrousel Capital had agreed to sell its shares in \u00c3\u201a\u00c2\u00a3386 million ($744.8 million) Gartmore European Investment Trust, refusing the option of a tender offer to close out itsposition at a tight discount. The hedge fund currently owns 28.03% of Gartmore and is its biggest shareholder.<\/p>\n
Carrousel Capital said in informal talks with Gartmore that the hedge fund had plans to buy into the trust, then restructure it into an umbrella fund which could offer a range of investment mandates.However, Gartmore’s European shareholders voted against proposals by Carrousel to put three new directors on the board to carry out the plan.<\/p>\n
Bruno Sangl\u00c3\u0192\u00c2\u00a9-Ferri\u00c3\u0192\u00c2\u00a8re, CEO of<\/span> Carrousel said in a letter to shareholders, “<\/span>Carrousel is not seeking, and has never sought,control of the fund. Neither is it seeking to wind-up the fund as has been suggested in some quarters.<\/span> Carrousel’s interest in the fund has already had a beneficialeffect. Shareholders have seen the NAV discount narrow from 9% to less than 3% since we invested.”<\/p>\n However, after the vote<\/span> to sell the hedge fund’s entire holding he said,<\/span> “It’s not a change of strategy. We tried to put people on the board and we failed. Wewant to put that behind us and close that chapter.”<\/p>\n <\/p>\n <\/p>\n Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Activist hedge fund Carrousel Capital had agreed to sell its shares in \u00c3\u201a\u00c2\u00a3386 million ($744.8 million) Gartmore European Investment Trust, refusing the option of a tender offer to close out itsposition at a tight discount. The hedge fund currently owns […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5794","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5794"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5794\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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