Gartmore’s Hedge Fund Biz. Set To Grow

Nov 23 2009 | 6:12am ET

When Gartmore Group goes public next month, most of the proceeds will go toward paying down its debt. But the new capital will also be used to boost the firm’s hedge fund business.

Phil Wagstaff, global head of distribution at the firm, told the Financial Times that the firm plans to increase its UCITS III-compliant hedge fund lineup by three or four. It will convert some of its existing funds into vehicles that meet regulatory standards, as well as launching new funds.

Gartmore, which has £22 billion (US$36.2 billion) in assets under management, announced plans for an initial public offering last week. The firm, which is owned by its management and private equity firm Hellman & Friedman, will list its shares on the London Stock Exchange.


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