LONDON (HedgeWorld.com)- Gartmore Investment Ltd. plans to open a small capitalization U.K. equity hedge fund to new investors on Nov. 1.

Called the AlphaGen Volantis fund, the fund began trading May 1, and currently has US$43 million. Gartmore will accept up to US$50 million in new capital for the fund, according to a Gartmore statement.

Volantis is the seventh fund in the AlphaGen series, and fund managers will try to keep its portfolio non-directional. Rob Giles is lead manager for the fund and senior investment manager on Gartmore’s six-person U.K. small-cap management team. Gervais William has led the small-cap team, which manages US$1 billion, since 1993. Gartmore’s hedge funds have US$2.6 billion in assets.

Earlier this month, sister company Gartmore Emerging Managers LLC, Conshohocken, Pa., purchased the convertible bond manager Coda Capital Management LLC, Radnor, Pa. Jeremiah O’Grady and Charles Wright, Coda’s principals, manage two convertible arbitrage strategies and a long-focused convertible bond strategy, according to a Gartmore statement.

Gartmore Emerging Managers was formed to attract institutional-quality investment management expertise that will broaden the firm’s product capabilities and make them immediately available, the statement said. Gartmore Emerging Managers is a unit of Gartmore SA Capital Trust, an affiliate of Gartmore Group.

In June, Gartmore purchased US$350 million fund of funds manager Riverview International Group Inc., Rumson, N.J., renaming it Gartmore Riverview LLC. Gartmore Riverview recently added executives in an expansion effort.