MAKING a very determined effort to get a firmer foothold in the
lucrative North American market is Edinburgh Fund Managers.
In significant moves yesterday it announced the ending of an existing
American relationship and the opening of its own office in Atlanta,
Georgia.
The Edinburgh company, which has an executive chairman in Mr Colin
Ross, is a subsidiary of the British Investment Trust, which in turn is
equally owned by British Coal Staff and the Mineworkers' pension funds.
It is currently managing more than #3400m.
The new operation has been named ''Edinburgh Fund Managers plc North
America'' and the role of its new office will be to service and
co-ordinate administration for clients. All investment management
activity will continue to be based in Scotland.
Claiming that the operation follows success in growing North American
funds under management to a level meriting a greater presence, the
company says it feels it has got the necessary critical mass and
currently manages more than $200m for clients in America.
While the existing partnership with Wilmington Trust Company has been
dissolved, the group will continue to manage the funds and be
responsible for the client service support.
Main board director Mr William Johnstone, based in Edinburgh, has been
put in overall charge of the new operation. Gloria Carlson, a former
Edinburgh Wilmington vice-president in charge of marketing and treasury,
is heading the new office.
''The North American market provides great opportunities,'' commented
Edinburgh Fund Managers managing director Mr Iain Watt. ''We have seen
an increase in interest since we began planning our own dedicated
US-based operation.''
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