Gartmore plans to merge its multi-manager UK High Alpha and Global High Alpha funds into a new refocused absolute return MM vehicle.
Subject to shareholder and FSA approval, Gartmore plans to launch the MultiManager Absolute Return fund in October.
The offering will remain as a non-UCITS retail fund and is expected to join the newly-created IMA Absolute Return sector.
Gartmore says its MM Cautious Managed and Balanced funds continue to be core offerings in the range, while its Active fund keeps its ‘best ideas’ focus.
“Although we adopt a multi-asset approach across all our multi-manager portfolios, this will be Gartmore’s first absolute return strategy in the UK retail space, a move that has been driven by client demand and is a natural fit for our business,” Gartmore UK retail head Richard Pursglove says.
Gartmore’s multi-manager range has struggled in recent times, leading to the replacement of MM chief Bambos Hambi back in April.IFAonline
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