UK - Gartmore Investment Management has added to its AlphaGen single strategy hedge fund range with the addition of a European financials hedge fund.
The fund – AlphaGen Rhocas – will invest in the securities of banks, brokers, insurance, diversified financials and real estate companies. The fund’s investments will primarily be in European companies, but it will have the ability to invest up to 25% of its assets in global securities.
Gartmore says the fund’s strategy will be directional, rather than market neutral. Directional hedge fund strategies involve hedge fund managers betting in anticipation of specific market movements.
The fund, which will be launched on July 1, is to be managed by senior investment analysts Simon Peters, Tom Hedges and Dae Levy.
Hedges and Levy manage the financials portion within the firm’s AlphaGen Altai hedge fund, which has been running since 2001 and has retuned over 13% on an annualised basis.
The launch means that Gartmore’s single strategy hedge fund business now comprises 12 funds, and collectively, approximately $4.4bn (£2.5bn) is invested in them.
Gartmore head of hedge funds Martin Phipps said: “Gartmore has a strong financials long/short track record, which has been achieved through the success of AlphaGen Altai. Moreover, the fund’s impressive returns have been achieved with a market neutral constraint.
“Hence, the greater flexibility of the AlphaGen Rhocas will provide the opportunity to generate an increased level of alpha and potentially deliver better returns for investors.”
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