Gartmore Shelves Euro L/S Fund

Oct 13 2008 | 1:30pm ET

Gartmore has scrapped plans for its European Absolute Return Fund, a long/short hedge fund, because of the U.K. short-selling ban and continuing market volatility.
The fund, which was slated for on Oct. 31 launch, was supposed to use a similar strategy to Gartmore’s flagship European equity long/short hedge fund, the AlphaGen Capella Fund, and take long and short positions in equities and derivatives.

Richard Pursglove, head of U.K. retail at Gartmore, said the decision to postpone the fund was made solely in the interest of our investors," Reuters reports.

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