Gartmore shelves plan for absolute return

Gartmore has postponed the launch of its European Absolute Return fund, citing market volatility and changes in the regulatory environment as the main factors why.

Gartmore has postponed the launch of its European Absolute Return fund, citing market volatility and changes in the regulatory environment as the main factors why.

Last week Fund Strategy revealed the group had pushed back the start of the offer period to this week (October 13) and shortened the three-week offer period, to just two weeks.

However the fund, which was going to be managed by Roger Guy and Guillaume Rambourg, has been shelved as the group did not think it was the time to launch a fund.

A spokesperson said it has not been postponed indefinitely, but could not give a guarantee as to when the postponement would be lifted.

Hargreaves Lansdown senior analyst Meera Patel says: “This is disappointing as many have been waiting for the launch but given the shorting problems at present and the general market turbulence there is no need to launch a fund and put investors’ money at risk.”