Temple Bar trust gets unique offer

THE FUND management arm of Barclays de Zoete Wedd, BZW Investment Management, has taken the unique step of making a cash offer to Temple Bar Investment Trust in order to be awarded the contract to manage the trust, writes Jason Nisse.

The fund is managed by Guinness Mahon Fund Managers. However, there has been unrest among shareholders after recent changes in the team at Guinness Mahon and some poor results from Temple Bar, which is chaired by Professor Sir Roland Smith.

Donald Brydon, BZWIM's chairman, said the unprecedented move could lead the way for other offers. Investors should view it rather like a management buy-in at an industrial company.

He would not say how much BZWIM would pay Temple Bar, but added that any money from BZWIM would be added to the value of the investment trust and so would increase shareholders' wealth.

The board of Temple Bar met yesterday to discuss the offer but said it would take some time to consider it before deciding whether to accept.