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Stockbroker launches venture capital trust

Teather & Greenwood is looking to raise a £20m venture capital trust that will invest in AIM-focused companies.

Teather & Greenwood, an UK stockbroking firm, is looking to raise a £20m venture capital trust that will invest in companies that are already, or about to be, listed on London’s Alternative Investment Market (AIM).

The company has chosen AIM because it believes the market holds the potential for good investment returns following its 69 per cent slump from 2,924.9 on 3 March 2000 to 903.1 on 21 November 2001.

“The launch of T&G AIM VCT is intentionally taking place now as it is my belief that a positive market correction is imminent and that quality smaller companies will be early beneficiaries,” said John Sweet, the trust’s manager.

The T&G AIM VCT board comprises a number of financial managers including Bert Wiegman, founder of European Acquisition Capital, as non-executive chairman, Jamie Berry, managing director of Berry Asset Management and non-executive chairman of Invesco Perpetual UK Smaller Companies Investment Trust, and Theresa Wallis, former COO of AIM.

Teather & Greenwood is an advisor and broker to around 54 AIM-quoted companies. In the year ended 30 April 2001, around £133m was raised on behalf of 18 clients, this included the entry to the market of eight new companies.