Weekly investment trust round-up: 30 August - 3 September 2010
 
Gervais Williams resigns

The small cap investors were shocked to discover the resignation of Gartmore fund manager Gervais Williams earlier this week.
 
Gartmore’s head of UK smaller companies Williams is set to leave the firm by the end of the month and will be replaced by senior investment manager Adam McConkey.
 
Williams will relinquish his role as manager on investment trusts, including the Gartmore Fledgling Trust, Gartmore Growth Opportunities and Gartmore Irish Growth Fund.
 
Harmesh Suniara will take over as manager on the Gartmore Fledgling Trust, however, no arrangements have been made for the remaining investment trusts.
 
F&C Commercial Property Trust takes almost £1 million hit on failed merger

The board of the F&C Commercial Property Trust has confirmed that the failed attempt to merge with the UK Commercial Property Trust cost the firm £900,000.
 
Chairman John Stephen said the board were continuing to consult with major shareholders over the future of the trust and would be making an announcement ‘in the near future’.
 
The merger, which had the support of Friends Provident and Phoenix Life representing 50.3 per cent of the trust issued share capital, but was defeated by independent shareholders at the beginning of August.
 
The merged fund would have created the largest property investment trust in the UK and would have been managed by Phoenix subsidiary Ignis.
 
Framlington Innovative Growth investors vote for wind-up

Investors in the Framlington Innovative Growth Trust voted against restructure of the fund, favouring a return of cash instead.
 
The trust – managed by star manager George Luckraft - will now be wound-up instead. Investors who wish to remain in a small cap fund can opt to roll over their money into the open-ended Axa Framlington UK Smaller Companies Fund, managed by Chris St John, instead.
 
Witan Investment Trust brings in fresh faces to UK manager line-up

Witan Investment Trust appointed two further UK equity managers to bolster its multi-manager line-up.
 
Lindsell Train and NewSmith Asset Management have both been awarded £100 million mandates.
 
The cash will come from the Henderson UK Enhanced Index portfolio and the Marathon Asset Management's UK portfolio, and is part of the investment trust's revamp of its multi-manager line-up.
 
The NewSmith portfolio will be managed by Steve Thompson, Richard Milliken and Mark Wharrier. The Lindsell Train portfolio will be managed by investment veteran Nick Train.
 
 
Other news:

Carolan Dobson was named independent non-executive of the JPMorgan European Smaller Companies Trust, she is currently chairman of the QinetiQ Pension Fund, a trustee of Avon Pension Fund, and a non-executive director of Shires Smaller Companies.
 
Legal services investment trust Juridica Investments reported that a case it invested into had been concluded, delivering a return on investment of 34 per cent when full proceeds have been received.
 
Troy Income & Growth Trust said non-executive director Martin Griffiths was resigning with immediate effect.
 
James Corsellis and Paul Cookson will not be standing for re-election as directors on the Marwyn Value Investors trust.
 
Keydata Income VCTs 1 & 2 are set to merge with Foresight VCT, almost four months since the plans were first announced, after terms between the boards were agreed. However, the merger will require the approval of investors.
 
The BlackRock Commodities Income Investment Trust announced plans to raise up to £75 million to diversify investor base and improve its profile.
 
The Ruffer Investment Company said it planned a £50 million fundraising to broaden its investment base and improve liquidity.

The Renaissance US Growth Investment Trust has been renamed as the RENN Universal Growth Investment Trust.