Classic loses VCT management contracts

In an unprecedented step, three VCTs have dismissed Classic Fund Management as their investment manager and moved to self-manage their portfolios. The move was agreed following the annual general meeting of the three funds concerned, Downing Classic VCT, VCT 2 and VCT 3. The three VCTs originally raised £40m but their net asset value had dropped to some £21m by October 31 2003. The early termination of the management contracts cost them around £212,000. Chris Kay will run the funds until the appointment of a new manager.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• GPs
• UK / Ireland