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Gartmore takes over US hedge fund business

Gartmore has bought a hedge funds of funds business in the US for an undisclosed sum, adding £234m to its £52bn of assets under management worldwide.

New Jersey-based Riverview International manages money mainly for institutional investors. Its flagship fund, the market-neutral hedge fund of funds, has produced a 13 per cent annualised return since its launch.

Gartmore has launched seven hedge fund offerings since November 1999 and has raised more than £1.34bn in assets.

The business will be renamed Gartmore Riverview but will operate with significant independence from Gartmore.

The four founding Riverview board members will continue to run the business and have entered in to a long-term equity incentivisation arrangement.

Riverview&#39s investment strategy uses a qualitative process to evaluate prospective hedge fund managers and constructs portfolios to meet each client&#39s specific investment objectives.

Gartmore chief executive Glyn Jones says: “Our institutional and individual clients around the world are increasingly interested in hedge funds. Riverview has an outstanding core group of investment professionals who have produced excellent investment performance in the hedge fund of funds area.”

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