Edinburgh deal near
13 April 2012
EDINBURGH Fund Managers is likely to be sold this week, with rivals Isis and Britannic Asset Management front-runners to pick up the business.
The company has been in trouble since rejecting a takeover approach last year by Hermes, the BT pension fund manager and its biggest shareholder. Four non-executives and the chief executive resigned in the wake of that move.
The £30 million sale could yet face an 11th-hour hitch on fears that the company's investment trusts may be forced to seek new managers. This follows the change of control, which could see the firm lose its mandate for running the trusts.
