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Gartmore set for private equity firm

Gartmore is setting up a private equity business early next year following a strategic review of the investment market which will see it move towards specialist fund management.

The operation will be hea-ded by Gartmore veteran Peter Gale with help from Nick Shaw, who becomes deputy managing director after joining this month from Shell, where he helped manage its £11bn pension services.

The business – due to be branded Gartmore Private Equity – will be run as a stand-alone operation, initially managing £600m of existing client money.

Its main investment area will be continental Europe, where Gale says Gartmore has identified short-term value, but he expects this focus to change in line with market conditions.

The business, which Gale says will grow in staff numbers from 10 as more money is pulled in, will concentrate on stock selection and strategy, an app-roach that he believes differs from most private equity managers.

He says: “Our style is very different – we have concentrated very heavily on strategy. We will look to exp-and next year by growing the critical mass we already have but private equity is a long-term area.”

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