Gartmore Investment Management has confirmed the launch of its European Absolute Return Fund, subject to regulatory approval.

The fund, which will be co-managed by Roger Guy and Guillaume Rambourg, will assume the form of a UCITS III limited issue vehicle with capacity set at £200 million.

The fund has a limited three-week offer period, which will commence on 6 October 2008 before the fund is launched on 31 October 2008.

This is the first in a series of absolute return offerings planned by Gartmore and will seek to deliver positive absolute returns over the long-term in all market conditions by taking long and short positions in equities and derivatives.

It will be managed using a similar strategy to Gartmore’s flagship European equity long/short hedge fund, the Gartmore AlphaGen Capella Fund.

Richard Pursglove, head of UK retail at Gartmore, says, ‘This latest development is an important strategic addition to our retail fund range, and has been driven by substantial client interest from discretionary asset managers, wealth managers and Independent Financial Advisers (IFAs) seeking uncorrelated, positive returns.

‘Gartmore’s substantial experience in shorting, combined with its long-established hedge fund infrastructure, will be attractive to investors looking for absolute returns.’

For more information, visit www.gartmore.com