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Aberdeen wins Gateway VCT fund mandate
Aberdeen Asset Managers (Aberdeen) is pleased to announce its appointment as fund manager to the Gateway VCT, effective from the 31st March 2008.
Following a circular to shareholders, in which the Gateway Board outlined its intention to appoint Aberdeen as investment manager, shareholders voted overwhelmingly to appoint Aberdeen, with 3.2m votes cast.
Gateway will immediately be eligible to co-invest alongside Aberdeen's six existing VCT funds, and shareholders will benefit from one of the largest investment and support teams in the VCT industry.
The Gateway VCT funds will increase the assets managed by Aberdeen's Growth Capital team, part of Aberdeen's private equity division, to around £145 million. It also consolidates Aberdeen's position as one of the largest VCT managers in the UK, with a portfolio of 7 VCT client funds, and represents another step in the success of the Aberdeen team in developing a top-performing VCT business since 2004.
During that period Aberdeen's Growth Capital team, led by Head of Investment Bill Nixon, has more than doubled VCT assets under management and achieved market-leading performance across its portfolio of VCT client funds. During the period the team has also won contracts for two previously under-performing VCTs, both of which are now fully integrated within the Aberdeen stable of client funds.
Bill Nixon, Head of Investment for Aberdeen's Growth Capital team, said:
"We have been talking to the board of Gateway and the previous manager for sometime, and it was clear that a change of manager would be in the interests of the shareholders, providing them with access to a fully scaled UK-wide private equity business with significant investment capability. We intend to change the focus away from technology and early stage deals, and going forward the fund will co-invest in most of our private equity transactions, which typically are larger later-stage businesses, consistent with the approach that has contributed to the success of the Aberdeen-managed VCTs"
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