Carrousel Capital - March 2007

Arbitrageurs may be seen by some as a negative force in the investment trust industry, but can often force through improvements that benefit investors.

Some commentators argue that groups have been beneficial for the industry because they have forced boards to take serious action to control discounts, which has ultimately benefited shareholders.

This is a view held by Bruno Sanglé-Ferrière, chief executive of Carrousel Capital, which has been involved in arbitrage activity with a number of UK in