UK - Gartmore Investment Management has launched its 13th standalone hedge fund, a European quantitative equity fund aimed at institutional investors.
The fund – AlphaGen Regulus – will be opened to investors on November 1 and will be managed by Gartmore head of quantitative strategies Mike Gleason. The fund will have a market neutral strategy. It has returned 8.7% since its inception in December 2003,.
Gartmore says the fund will have a performance target of 12-15% per annum, with volatility of 6-10% per annum. The fund is currently worth $30m (£16.3m) and has a capacity of $400m-$500m.
The minimum investment is $100,000 (£54,362) or e100,000 (£67,052).
Gartmore’s single-strategy hedge fund assets under management currently stand at $4.6bn as at July 31. Earlier this year, Gartmore launched two other single strategy hedge funds, a European financials fund AlphaGen Rhocas and a currency fund.
The only other Gartmore single strategy hedge funds that are still open to investors are its global credit fund, its US healthcare fund AlphaGen Arneb, and AlphaGen Pictor, its pacific and emerging markets fund.
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