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Gartmore expands Luxemburg Sicav

Gartmore is setting up nine new sub-funds for its Luxemburg-based Sicav.

As part of the move, Gartmore has amalgamated its capital strategy fund into the sub-funds of its Sicav range. It is creating a new pan-European focus fund while the other funds are the continental European smaller companies fund, the Eurobloc fund, the UK fund, the US smaller companies fund, the global bond fund, the euro money fund, the sterling money fund, and the US dollar money fund.

The pan-European focus fund will be managed by Gary Clarke and has been launched in response to investor demand.

Clarke’s management has already been proven in Gartmore’s continental European focus fund, the UK onshore Oeic and a similar institutional mandate to the new Sicav fund.

The continental European focus fund, which has just passed its first anniversary, has returned 21 per cent over the year compared with a sector average of 15.9 per cent.

Head of European and retail bancassurance Paul Feeney says: “We are launching these new funds to meet evolving client needs and market opportunities. The enlarged range will offer European investors access to the full range of Gartmore’s investment management capabilities under a much simplified structure domiciled in Luxemburg.”

Chelsea Financial Services managing director Darius McDermott says: “Of the funds, the only one that is particularly familiar to us is Gary Clarke’s continental European focus fund and, with its strong performance, I can see why Gartmore would want to make it available to European investors.”


Boulger on Mortgages

Minutes published from the latest MPC meeting show that the committee voted seven to two in favour of keeping the Bank of England Base Rate at 4.75 per cent, yet some members conceded that a rise may be justified in due course. For the two in the minority, a rise in interest rates was warranted immediately.


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