Gartmore Investment Management next month will launch the Gartmore European Absolute Return Fund, an UCITS III limited issue vehicle with a capacity of £200 million (US$353 million).

The fund, to be co-managed by Roger Guy and Guillaume Rambourg, will take long and short positions in equities and derivatives. It will use a similar strategy to Gartmore’s flagship European equity long/short hedge fund, the Gartmore AlphaGen Capella Fund.

The new fund's three week offer period starts on Oct. 6 before its launch at the end of the month.