Gartmore has bought a US-based hedge fund business to expand its growing UK alternative investment ...
Gartmore has bought a US-based hedge fund business to expand its growing UK alternative investment arm.
The group, which runs a number of hedge funds already based on its successful long-only managers such as European Growth manager Roger Guy, has bought fund of funds business Riverview International. Riverview, based in New Jersey, has some $350m in assets under management, primarily for institutional clients.
The business is to be renamed Gartmore Riverview but will operate with a significant degree of independence from the main Gartmore group.
In April, Gartmore announced it had plans to launch a fund of hedge funds within four to six months to feed increasing demand.
Glyn Jones, chief executive at Gartmore, said at the time that most institutions did not have the resources to credibly manage hedge fund manager selection.
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