Whispers stemming from Gartmore Investment Management tell IFAs to be prepared for the launch of new...
Whispers stemming from Gartmore Investment Management tell IFAs to be prepared for the launch of new funds of hedge funds in the UK retail division, according to Gartmore's Head of UK Retail, Paul Feeney.
Refusing to reveal more specific details about these new products, Feeney could only indicate that they would be taking their most successful products from other markets and adapting it, the details of which will be revealed at the end of this month. "The hedge fund of funds have been successful as family office-type products and are suitable in a number of different markets," says Feeney.
Traditionally Gartmore has been perceived as a European equity house, an image Feeney is keen to change. The recent appointment of four new players to the UK equity team shows Gartmore's commitment to UK equity portfolio construction.
The most recent appointment to UK Retail is of David Middleton last week to the new role of Head of Commercial Development. Middleton, formerly Commercial Director at Coutts Group, spearheaded the launch of the new multi-manager investment service, fund of hedge funds, advisory investment service, private equity partnership and delivery of UK private client services.
Middleton has been drawn in to Gartmore to kick-start new initiatives in client relationship management programmes, retail acquisitions and strategic alliances. Keeping details under wraps, Feeney could only suggest that they were looking at a number of alternatives. "We realise that we can't do everything, although the market doesn't allow for multi-ties now, next year it will be a possibility and this is something we are looking into".
Feeney who took the helm in February this year describes Gartmore's aim to be the top three player in the UK retail market. "We don't just want to be the top three in terms of overall market share, as we could just invest in high volume tracker funds, but in terms of excellent performance, making sure the product is right and changes to the fund range."
Already we have seen changes, with Gartmore initiating the conversion of the majority of their unit trusts into sub-funds of OEICs.
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