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Gartmore to Roll Out Equity Fund for All Market Conditions

Tom Burroughes Editor London 9 September 2008

Gartmore to Roll Out Equity Fund for All Market Conditions

Gartmore Investment Management has confirmed it will roll out a European absolute return fund next month, becoming the latest in a line of mainstream asset managers to copy the hedge fund ambition of making money in rising or falling markets.

The UK firm said it will launch the Gartmore European Absolute Return Fund, to be co-managed by Roger Guy and Guillaume Rambourg, subject to regulatory approval. With a capacity limit set at £200 million, the fund’s three-week offer period starts on 6 October before launch on 31 October this year.

This new fund, the first in a series of absolute return offerings planned by Gartmore, will seek to deliver positive absolute returns over the long-term in all market conditions by taking long and short positions in equities and derivatives. It will be managed using a similar strategy to Gartmore’s flagship European equity long/short hedge fund – the Gartmore AlphaGen Capella Fund.

Absolute return funds have become a regular feature of investment firms’ offerings. Earlier in September, BNP Paribas launched its Platinum Absolute Return Fund, which invests in equity, foreign exchange and commodity markets. Other examples include the FAST Optimised European Market Neutral Fund from Fidelity.

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