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Gartmore puts absolute return fund on hold

Gartmore has postponed the launch of its European absolute return fund because of the turbulent market conditions.

The fund was to be managed by Roger Guy and Guillaume Rambourg, with the initial offer period starting on October 13 and the launch on October 31.

Head of UK retail Richard Pursglove says: “This is not a decision we have taken lightly. It has been made solely in the interest of our investors. With significant changes taking place in both the markets and the regulatory environment, we have decided it would be imprudent to launch a new fund at this particular time.”

Resolution is also understood to be holding back the launch of its Argonaut European absolute alpha fund.

The fund was initially set for a September launch under the management of Barry Norris and Oliver Russ and was to target an annual return of 10 per cent.

Hargreaves Lansdown inv-estment manager Ben Yearsley says he believes the firms should have gone ahead with their funds regardless of market conditions.

He says: “You can understand why they have held back but the sooner these products are up and running, the sooner they have track records. The shorting ban has a limited effect, given that it only covers a number of sto- cks, and you only have to look at the success of Tim Russell’s fund at Cazenove since that launched a few weeks back.”

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