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March 10, 2003 at 07:00 PM
CONSHOHOCKEN, Pa. (HedgeWorld.com)–Gartmore Global Investments is planning to sell a Securities and Exchange Commission-registered hedge fund of funds, according to a recent filing.
Gartmore Market Neutral Fund LLC will be managed by the Gartmore affiliate Gartmore Riverview, and will be sold in a public offering with a minimum investment of US$50,000, according to the filing. Gartmore executives weren’t available for comment.
Gartmore purchased fund of funds manager Riverview International Group Inc. last spring. For Gartmore, this was the first acquisition of an outside manager and also its first move into the fund of funds business. (Previous HedgeWorld Story) Gartmore also has apparently assumed management of the Montgomery Partners Absolute Return Fund LLC, which was cast adrift in Commerzbank’s sale of Montgomery Asset Management, San Francisco. The hedge fund and a market neutral mutual fund were not included in the sale to Wells Fargo & Co., San Francisco.
As with most other SEC-registered closed-end hedge funds, investors need to meet net worth and income requirements to buy shares. Gartmore will sell to “qualified clients,” defined as investors who have a net worth (with their spouses) of more than $1.5 million or who have at least US$750,000 under the management by Gartmore and its affiliates.
