GLOBAL - Gartmore is set to launch a new hedge fund as part of its AlphaGen range, which looks to capitalise on global tech stocks.
Goldman Sachs has been selected as prime broker to the new AlphaGen Caelum Fund LDC1 (Caelum). The fund is aimed at non-US investors only, and will open on March 1. Caelum has a 30 year life-span.
The new fund employs a long/short strategy and will be managed by Aaron Harris. Caelum will primarily focus on publicly-traded equities. Gartmore’s Kwang Kim will be assistant portfolio manager. Both managers will be based in Philadelphia.
Caelum is domiciled in the Cayman Islands and will be denominated in US dollars with a minimum investment of $750,000. The target return is set at 15-20%. The management fee is set at 1.5% per annum with an annual performance fee of 20% subject to high water marks.
Overall, Gartmore has assets under management of approximately $52.6bn with $2.3bn of this in hedge funds.
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