Gartmore has hired two specialist fixed income managers to create and launch a global credit hedge fund.
Varkki Chacko has come from Goldman Sachs, where he was a managing director in charge of global credit strategy and Mark Wautin has been brought in from Global Asset Management, where he was head of European fixed income.
Glyn Jones, chief executive officer of Gartmore, said the firm has plans for further launches and intends to concentrate on specialist asset classes.
The company recently announced a major shake-up, beginning with the resignation of Peter Chambers, who was global chief executive officer for fixed income at parent firm the Gartmore Group and chief executive officer of Gartmore Investment Management. Roger Bartley was appointed global chief executive officer for fixed income for Gartmore Group to replace Chambers.
Other appointments include Young Chin as global chief executive officer for equities for Gartmore Group, and Quintin Price as chief executive officer for equities for Gartmore Investment Management who will also join the board.
Price has more than 20 years experience in financial services and has held a number of senior posts including global head of research for HSBC Investment Bank in London and, more recently, head of global fundamental research for Putnam Investments in Boston.
Commenting on the appointments Glyn Jones, chief executive officer of Gartmore Investment Management, said: 'Markets in recent years have led to broad ranging new challenges and opportunities for our business across the world. Equity markets have been highly volatile and in deep decline, fixed income has grown in significance and hedge funds have developed rapidly as an attractive area of profitable growth.
'Given this background, we have been reviewing what leadership resources and structure are now needed in our investment division to respond to these opportunities. We have concluded that we need to focus our expertise by establishing a full-time chief investment officer role overseeing the equity capabilities of Gartmore in London and establish a clearer specialist focus on the development of our equities and fixed income capabilities.'
Gartmore is a global investment house with offices in the UK, USA, Germany, Sweden, Jersey, Italy, Spain and Japan. The company employs more than 1,000 members of staff, including around 185 investment professionals and manages $71.9bn in assets.
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