* 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.
(Reporting by Chris Vellacott. Editing by Cecilia Valente and
(For the Funds Hub blog: blogs.reuters.com/hedgehub)
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