Gartmore's Gervais Williams is to run a hedge fund for external clients on top of the retail long-on...
Gartmore's Gervais Williams is to run a hedge fund for external clients on top of the retail long-only funds he currently manages.
In addition to the long/short hedge portfolio, Williams currently runs the UK & Irish Smaller Companies Oeic fund plus four investment trusts: Fledgling, Growth Opportunities, Irish, and Absolute Growth & Income.
The UK smaller companies long/short portfolio opens for investment on 1 November but has been managed by Williams and Rob Giles in-house since May. It already has some $42m in seed money but the group is looking to raise an additional $50m before closing the fund.
Martin Phipps, Gartmore's head of hedge funds, said the portfolio is currently invested in 110 positions and focuses on bottom-up analysis in its stock selection. The managers use a mixture of longer-term earnings-oriented positions and shorter-term tactical positions.
Phipps said the fund will invest in quoted firms valued at up to £1bn but will not take positions in any unlisted companies. No one stock will occupy more than 10% of fund assets.
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