* Issue price set at 50 pence per share * Targets 50 mln stg fund size
* Admission expected April
LONDON, March 3 Investment company MAM Funds MMFD.L plans to raise 50 million pounds ($81 million) , mostly from institutions, for a fund run by former Gartmore GRTR.L senior manager Gervais Williams.
The Diverse Income Trust will close books on its public offer on April 12, Williams told Reuters on Thursday and will be run as an equity fund, aiming to pay an income to investors.
Williams added he expected at least two thirds of the shares to go to institutional investors on account of his long track record running funds at Gartmore.
Williams, who is a managing director at MAM, left Gartmore last year after 17 years, adding to a run of senior defections from the company in the year after it listed in December 2009.
After a dismal year, Gartmore eventually received a takeover offer from rival Henderson (HGGH.L). [ID:nLDE6BJ0SY]
Williams was head of smaller companies investments at Gartmore and ran a number of investment trusts including the Gartmore Growth Opportunities GGOR.L and the Gartmore Irish Growth GIR.I funds.
The new fund, structured as an investment trust, will target an initial annualised dividend yield of 4 percent, investing in income-bearing blue-chip, mid and small-cap UK stocks.
Shares will be issued at 50 pence each with an initial company net asset value of 48.74 pence per share. ($1=.6146 Pound) (Reporting by Chris Vellacott. Editing by Cecilia Valente and Will Waterman) (For the Funds Hub blog: blogs.reuters.com/hedgehub) (For Global Investing: here)