Gartmore Buys US Hedge Fund Firm

June 17, 2002 ( - UK fund manager Gartmore has bought US fund of hedge funds firm Riverview International Group Inc. for an undisclosed sum.

Riverview, which selects portfolios of hedge fund managers for clients, advises on around $350 million in assets primarily for US institutional clients, according to a Reuters news report.

Gartmore, owned by US insurance company Nationwide Mutual, was one of the first UK fund management houses to focus on hedge funds.

Hedge funds are loosely regulated pools of capital, which take bets on swings in stock, bonds, currencies and commodity prices, and aim to produce positive returns regardless of whether markets are rising or falling.

Gartmore has $78.3 billion in assets under management including around $2 billion in hedge funds.