Gartmore to run new strategy targeting absolute return

Gartmore proposes to change the investment objectives and approach of the Gartmore MultiManager UK High Alpha Fund and the Gartmore MultiManager Global High Alpha Fund in order to facilitate a merger, subject to shareholder and Financial Services Authority ("FSA") approval.

The newly merged fund would be renamed the Gartmore MultiManager Absolute Return Fund and will be available with effect from October 2008.

The Gartmore MultiManager Absolute Return Fund should sit in the newly created IMA Absolute Return Sector and will remain a Non UCITS Retail Fund, ‘NURS'.

The Gartmore MultiManager Active Fund and its investment objective remain unchanged and will be run as an unconstrained "best ideas" fund by the Gartmore MultiManager team: Tony Lanning, Ari Towli, Katie Trowsdale and Alexandra Chambers.

The Gartmore MultiManager Cautious Managed Fund and Gartmore MultiManager Balanced Fund remain as core offerings in the range.

Richard Pursglove, Head of UK Retail at Gartmore, commented: "Although we adopt a multi asset approach across all our MultiManager portfolios, this will be Gartmore's first absolute return strategy in the UK retail space - a move that has been driven by client demand and is a natural fit for our business."