The Gartmore UK high alpha and global high alpha funds will be merged to form the multi-manager absolute return fund, subject to shareholder and FSA approval.
The launch will be set for October with the fund to be placed in the IMA absolute return sector as a Nurs vehicle.
Gartmore’s multi-manager team is headed up by Tony Lanning, following the departure of Bambos Hambi as part of the strategic review earlier this year. Other members of the team include, Ari Towli, Katie Trowsdale and Alexandra Chambers.
The investment approach of the active fund will remain unchanged and will be run as an best ideas offering, with the balanced and cautious funds remaining unchanged.
Gartmore head of UK retail Richard Pursglove says: “Although we adopt a multi asset approach across all our MultiManager portfolios, this will be Gartmore’s first absolute return strategy in the UK retail space – a move that has been driven by client demand and is a natural fit for our business.”