LONDON (Reuters) – Carrousel Capital, an activist hedge fund trying to shake up Gartmore European, a trust run by star manager Roger Guy, said it is concerned about “apparent conflicts of interest” on the trust’s board.
Carrousel, which owns 28.03 percent of the 395 million-pound investment trust, said it was concerned the trust (GEO.L: Quote, Profile , Research) had accepted a 202,000-pound payment from Gartmore Investment Management last year to pay for a corporate review, after which the trust reappointed the fund firm as its manager.
The hedge fund, Gartmore’s largest shareholder, also said it was concerned the board hadn’t disclosed details of this review, which was carried out when Gartmore Investment Management’s future ownership was uncertain, to all shareholders.
