Fund Manager, Gervais Williams had been managing the Board of Gartmore Growth Opportunities and Gartmore Irish Growth and now with his departure, the destiny of the two Gartmore's investment trusts is put at a stake.
Mr. Williams, who had been working with the Company for the last 17 years, however is busy talking to the shareholders if they were in agreement and held support for this proposal to change the Manager.
He too will soon begin negotiating with the Company and decide on the terms of his exit. These terms generally entail the information about the time period for which an employee is not allowed to join a rival Company. Talking about the Manager's departure, Gartmore said that Mr. Williams was leaving the Company for good as he was willing to 'pursue other opportunities'.
One major shareholder said, "I spoke to a broker who said do your investors want Gartmore or Gervais?"
Some of the shareholders have made it very clear that would certainly take their money out by the end of this year, if Mr. Williams resigned from his post. The Company therefore plans to hire Mr. Williams as an adviser until and unless they are able to find out a permanent solution.
According to speculation, Mr. Williams could even end up losing his self funded Gartmore Irish Growth, which was also seen to act as a specialist vehicle for him.
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