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Standard Life Investments wins trust mandate

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Standard Life Investments has successfully completed the merger between Standard Life UK Smaller Companies Trust and Gartmore Smaller Companies Trust.

Standard Life Investments has successfully completed the merger between Standard Life UK Smaller Companies Trust and Gartmore Smaller Companies Trust.

Of the shareholders that voted, 99.8 per cent were in favour of the merger.

Shareholders holding approximately 68 per cent of Gartmore Smaller shares elected to transfer their investment into continuation shares of Standard Life UK Smaller Companies Trust.

Only eight per cent chose a cash exit, with the remaining 24 per cent electing for the in specie option.

From 8am on 4 February the enlarged SLS will have gross assets of approximately GBP63m, almost doubling the gross assets before the transaction.

SLS has been managed by Harry Nimmo (pictured) since Standard Life Investments was appointed as its manager in September 2003.

Gordon Humphries, head of investment trusts at Standard Life Investments, says: ‘We believe that this merger provides a win-win situation for both sets of shareholders and we’re delighted to have been selected to manage the assets of the continuing Gartmore Smaller shareholders. Gartmore Smaller shareholders who have chosen to roll over their investments will now have access to the capabilities of Harry Nimmo, a multiple award-winning fund manager.

‘In addition, investors in the Standard Life UK Smaller Companies Trust will now benefit from the advantages of an enlarged trust with a greater asset base and reduced basic management fee arrangements in the longer term.’

Nimmo, manager of the newly-enlarged Standard Life UK Smaller Companies Trust, says: ‘The Standard Life Investments Smaller Companies team would like to welcome our new shareholders to the trust. Our aim is to harness our investment process to maintain award winning performance for the benefit of all shareholders.’

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