Gartmore has plans tosignificantly expand its hedge fund business in over the next 12 months., makin...
Gartmore has plans tosignificantly expand its hedge fund business in over the next 12 months., making alternatives one of the largest parts of its business.
The company is planning eight to 10 hedge funds launches in 2005 across a range of sectors including: global macro, Europe, UK, Japan and China. These funds have been running with seed money for around six months and will be rolled out in the first and second quarter of 2005. The managers of these funds are already in place.
Within three years, Gartmore plans for the alternative investment arm to be responsible for up to a quarter of its total assets under management. Hedge funds currently represent $5.5bn of Gartmore's $77bn total assets, but Paul Hondros, chief executive, said he was looking to add at least $10bn in new hedge fund assets. Gartmore also plans to launch more funds of private equity funds.
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