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Edinburgh in hunt for a rescuer

13 April 2012

SPECULATION is growing that cash-strapped Edinburgh Fund Managers may sell its offshoot Northern Venture Managers.

EFM lost its management contract with Edinburgh Smaller Companies investment trust last week. New chairman Charles Nunneley has to stem the bad news, possibly by finding a buyer for the whole group.

The shares fell another 9 1/2p to 74p, valuing EFM at only £21m. Funds managed, £7.1bn 18 months ago, fell to £3.3bn at the end of July.

Advisers such as InterAlliance, which recommend EFM to clients, need reassurance. One idea is EFM may focus on its most popular businesses such as Edinburgh Portfolio Management. EFM said Northern Venture Managers is not up for sale, adding: 'EFM is continuing to review its strategic options, which may or may not lead to an offer being made for the company.' Newcastle-based Northern has £148m assets.

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Business Strategy
Edinburgh, Scotland
Investment
Management
Scotland