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Finsbury Growth Tst. (FGT)

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Monday 11 December, 2000

Finsbury Growth Tst.


Finsbury Growth Trust PLC
11 December 2000

                                                                  NEWS RELEASE

To:       News editors  For immediate release

                        Monday, 11 December 2000

                          Finsbury Growth Trust PLC

The Board of Finsbury Growth Trust PLC ('the Company') today announces the
appointment of a new investment adviser. This appointment follows Close
Brothers Group taking its holding in the Company's investment manager, AFIM
Limited, from 50 per cent to 100 per cent, which was announced today. AFIM
Limited was previously a joint venture between Artemis Investment Management
Limited and Close Brothers Group under the terms of which the investment
management services of Mark Tyndall were provided to the Company.

AFIM Limited will continue to be the Company's investment manager and under
the new arrangements, which take immediate effect, Lindsell Train Limited has
been appointed as the new discretionary investment adviser to the Company. The
day-to-day management of the Company's investment portfolio will be the
responsibility of Nick Train, a director of Lindsell Train Limited. There is
no cost to the Company's shareholders in making these changes.

The Board also announces that there will be a change in the basis on which
AFIM Limited is remunerated.  The basic fee will be changed from an annual fee
of 0.75% of the gross asset value of the Company to an annual fee of 0.65% of
the average market capitalisation of the Company over the year. In addition to
the basic fee, the investment manager will also be entitled to a performance
fee amounting to 15% of any increase in the Company's market capitalisation in
any year, but only after the attainment of an absolute return hurdle.

The absolute return hurdle will be the sum of the increase in the Retail Price
Index in the year, plus a fixed return of 6.0%. The total fee payable in any
one year, i.e. the sum of the basic fee and the performance fee, will be
capped at 1.25% of the year end market capitalisation. Any outperformance,
that would have resulted in a higher fee being paid had there been no cap,
will be carried forward into the calculation of future years' fees.
Similarly, in the case of underperformance against the hurdle, any
underperformance will have to be made up in future years before a performance
fee becomes payable in those years.


Michael Reeve            Chairman, Finsbury Growth Trust PLC
                         020 7602 2624

Alastair Smith           Managing Director, Close Finsbury Asset Management
                         Limited 020 7426 6240

Colin Edge               Marketing Director, Close Finsbury Asset Management
                         Limited 020 7426 6233

Fiona Harris            Quill Communications                020 7618 8905

Tom Durie               HSBC Investment Bank plc            020 7336 2004