MIke Gleason's team plans three new quant products for launch
The next three funds in the AlphaGen range to launch in the coming months are all from the quants team headed up by Mike Gleason, according to Martin Phipps, head of hedge fund sales at Gartmore.
The fund manager is planning to launch a US small/mid-cap focused quant fund, a global quant fund and another Asian quant fund. Gleason and Luke Smith currently run the European fund Regulus and Crucis, an Asia-Pacific ex-Japan fund. Those funds are both managed using a quantitative, market neutral, long/short equity strategy.
In a less expected development, Gartmore will be launching a long/short Chinese equity fund sometime in the early summer and will be managed by Philip Ehrmann, head of emerging markets and manager of the long-only Gartmore China Opportunities Fund. The fund has been run in a paper form since the beginning of 2004 and was seeded with internal money about seven or eight months ago. Ehrmann said: "I am very pleased with the performance so far. It has had double-digit returns over the last six months. The fund is directional but it does not have massive net exposure." Charley Awdry is also involved in the running of the hedge fund. Ehrmann said: "We are finding some strong shorts in this sector - in securities rather than indices."
Another fund in incubation is a high-yield, credit fund run by Mark Wauton, manager of the AlphaGen Credit Fund. Wauton said: "We are launching a loan floating type fund - a Libor product." This fund will be Dublin listed and brought out around May.
Fettered fund of hedge funds Perseus opened in November and has already taken in $400m from Japanese institutions.
Japanese demand is expected to drive several of the new hedge fund products Gartmore has planned, including a Japan fund, an Asia-Pacific fund and a Japanese small-cap fund.
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September