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Gartmore set to offer fund of hedge funds

Gartmore is setting up a fund of hedge funds product and seeking to recruit up to 10 fund managers over the coming year as part of its European expansion plans.

Chief executive Glyn Jones says he is aiming for Gartmore to become the leading player in hedge funds and believes a fund of funds offering will boost its chances of achieving a dominant position.

The product will be rolled out globally but Jones says he is keen to attack the UK retail market by improving Gartmore&#39s support and training services for IFAs and through potential acquisitions.

Possible targets could include Jupiter, Edinburgh Fund Managers and the investment arm of Royal & Sun Alliance, which are all believed to be up for sale. However, Jones says Gartmore&#39s primary goal is to grow the business organically and that any acquisitions will be relatively minor.

As part of the expansion plans, Gartmore will be looking to recruit between five and 10 fund managers within the next 12 months although Jones will only say they will not all be hedge fund managers.

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