Gartmore just gave John Bennett his own fund: Gartmore AlphaGen Pan-European Equity Hedge Fund.It’s not really a big promotion yet for Bennett, who runs €4bn in European equities now, but it’s a blow – another one – to Guillaume Rambourg, Gartmore’s star portfolio manager because it’s Bennett, who just joined Gartmore 6 months ago, who has been selected to run a whole fund on his own, not Guillaume.
It’s also a blow to GAM, a rival European fund manager, because weirdly, Gartmore AlphaGen, which launched yesterday, is advertised by Gartmore in their press release like this:
The fund will be managed in a style similar to the GAM European Equity Hedge Fund, which John ran since its inception in January 1999 until September 2009.***
The strategy is strange enough that Gartmore had to add *** to direct the reader to this statement,
John Bennett ran the Fund from 27January 1999 to 10 September 2009. Noted for illustrative purposes only to demonstrate John’s track record, and is not an offer to buy shares in GAM European Equity Hedge Fund. There is no guarantee that any portfolio will demonstrate similar performance, and should not be used in a direct comparison with the Gartmore AlphaGen Pan-European Equity Hedge Fund. This is an unregulated product.
The disclaimer is pretty funny.
Bennett announced he would leave GAM about a year ago and officially joined Gartmore in January this year.
It was obvious that Gartmore poached him and his entire team from GAM. Now it seems they’ve poached their name for marketing purposes too!
Of course using Bennett’s performance at another fund makes sense because his annualised return was 7.3%.
But wasn’t poaching him and his team from GAM a slap in the face enough?
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