Guy retirement sparks Gartmore trust review

The board of the Gartmore European investment trust is reviewing its activities, following the resignation of Roger Guy, the company’s portfolio manager.

In a statement issued today, the board of the Gartmore European Investment Trust says it is “mindful of the impact that these developments may have in relation to the management of the company’s portfolio”. Therefore, it will review the situation with Gartmore and consult with its shareholders on any steps the board is considering taking.

Yesterday, the board purchased 586,847 ordinary 50p shares at a price of 621.15p per share to be held in Treasury. (article continues below)

The purchase represents 2.65% of ordinary shares in issue and is the eleventh purchase pursuant to a general authority granted at a general meeting in August.

Gartmore has also announced a strategic review, led by Goldman Sachs. Depending on the outcome, this could mean that Gartmore could be sold or merged.