GARTMORE intends to consolidate a Jersey-domiciled retail fund in Luxembourg, subject to approval from shareholders and the board of directors.
The firm says investors will benefit from a larger pool of assets and more flexibility to invest across European Union member states.
The changes will affect the Gartmore Strategy Fund - the world’s first umbrella fund - which will be merged into the company’s established Luxembourg-based SICAV in a year’s time.
The Luxembourg funds are managed in a similar manner to the Jersey funds.
press statement from Gartmore’s head office says: ‘This is as a result of EU legislation - from which Jersey as a non-EU member is unable to benefit.
Martin Dryden, managing director of the Jersey office, said the legislation referred to included the new UCITS certificate, although for some years Jersey’s finance industry had been moving away from retail funds towards institutional and expert funds.
1312March2004
Article posted on 12th March, 2004 - 12.00am
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