Ex-Gartmore Sales Chief To NewSmith

Mar 17 2011 | 12:09pm ET

Martin Phipps, the former head of Europe hedge fund sales at Gartmore Group, has a new job four months after he was laid off by the troubled firm.

Phipps will join hedge fund NewSmith Capital Partners in May, Financial News reports. The newly-minted partner will serve as the firm's first head of marketing.

Phipps was a victim of Gartmore's restructuring and layoffs in December, just weeks before the firm finally found a buyer in Henderson Global Investors.

NewSmith was set up in 2003 by a quintet of former Merrill Lynch executives. It launched its first hedge fund the following year and now has five long/short equity funds covering the U.K., Europe, Japan and emerging markets, as well as a global fund.

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