LONDON (HedgeWorld.com)–Gartmore Investment Management plc hired two experienced executives to manage a planned fixed-income hedge fund.

Gartmore hired Varkki Chacko, formerly a managing director for Goldman Sachs, and Mark Wauton, formerly a managing director and head of European fixed income for UBS Global Asset Management, according to Gartmore. The new hedge fund will be a global credit hedge fund.

Gartmore recently announced it was revamping its business with a stronger focus on hedge funds, resulting in the shuffling of responsibilities and the departure of Peter Chamber, who was chief investment officerPrevious.

The hirings are “a great achievement” that will help Gartmore position itself as “a leading player in the hedge fund arena,” said Roger Bartley, head of fixed income, in a statement.

Gartmore Investment Management is the U.K. subsidiary of Gartmore Group, which also has a U.S. subsidiary. Gartmore Group, owned by the insurance company Nationwide Mutual Insurance Co., Columbus, Ohio, manages US$69 billion in total and US$2.9 billion in hedge funds.

PBarr@HedgeWorld.com