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Gartmore expands fixed income range

Gartmore will have two retail offerings in the Investment Management Association (IMA) Corporate Bond sector following its acquisition of the Rensburg Corporate Bond trust.

The £103m Rensburg vehicle will come over to the group as the Gartmore Corporate Bond fund, and the existing vehicle of the same name will be renamed the Gartmore Fixed Interest fund. It has £260m in assets and is managed by Simon Surtees.

John Anderson, formerly a corporate bond manager at Rensburg, will become the head of credit at Gartmore when he joins the group in July. He will take over a total of four fixed income offerings from Surtees, whose future with the company is uncertain.

Rensburg will focus solely on British equity investment, but will receive a percentage of management fees on the Corporate Bond fund for three years.

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