The decision comes after four consecutive years of pre-tax losses, culminating in a loss of £1.8 million in the year to March 2007.

Gateway will immediately be eligible to co-invest alongside Aberdeen’s six existing VCTs. The addition of Gateway’s funds, currently £3.1 million, will bring the assets managed by Aberdeen’s growth capital team to around £145 million.

Bill Nixon, head of investment for Aberdeen Growth Capital, says: ‘We have been talking to the board of Gateway and the previous manager for some time, and it was clear that a change of manager would be in the interests of the shareholders.’

Nixon adds: ‘We intend to change the focus away from technology and early-stage deals, and going forward the fund will co-invest in most of our private equity transactions, which typically are larger later-stage businesses.’

Shares in Gateway VCT have fallen 43 per cent in value over the last five years. Investments that performed badly include AIM-listed Sarantel, which manufactures antennae for wireless devices and whose share price has plummeted more than 90 per cent over the last three years, and car rental provider Burgundy Global, which went into administration last year.