Gartmore is planning a fund of hedge funds launch within four to six months to feed increasing dema...
Gartmore is planning a fund of hedge funds launch within four to six months to feed increasing demand for the products.
Glyn Jones, chief executive at the group, said Gartmore has the capacity to manage fund manager selection. He added in order to demonstrate the fund's independence it will not invest in Gartmore's own range of hedge funds, including Roger Guy's European long-short hedge product. Additionally, Gartmore is looking at further long-short strategies in the hedge funds area, as well as relative value strategies, such as convertible bond arbitrage. If the group does move into the relative value arena, he said, it will spark a drive to recruit new managers.
Even leaving relative value aside, Gartmore is already looking to recruit between five and ten managers within the next months, said Jones, both for long-only and hedge fund portfolios.
It is also aiming to increase Sicav sales in continental Europe. It opened an office in Stockholm a year ago, one in Milan in January and one in Madrid in March.
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