UK - Gartmore Investment Management has launched a currency hedge fund aimed at institutional clients - the latest in a programme of expansion in the asset class.
The AlphaGen Currency Fund will be run by Gartmore head of fixed income portfolio construction Bob Jolly, who will be supported by the firm’s currency team. It was first set up and seeded with $53m (£28.1m) in April 2003, and has returned 9.6% net of fees over the past 10 months.
Gartmore currently has $4bn (£2.1bn) in hedge fund assets under management. The currency fund is Gartmore’s 13th standalone hedge fund and comes only weeks after Gartmore launched AlphaGen Velas, a European directional equities hedge fund.
Gartmore head of hedge funds Martin Phipps said the firm would look at launching other hedge funds depending on clients’ demands.
“AlphaGen Currency is a natural progression for our hedge fund business. It offers investors the potent blend of Gartmore’s experience in currency markets and our success as a hedge fund manager.
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