UK – Asset manager Gartmore has hired senior executives from Goldman Sachs and UBS to help run a new hedge fund.

The move follows the departure last week of chief investment officer Peter Chambers following a review of “leadership resources” and a shift in focus towards hedge funds.

Gartmore – which is the 17th largest manager of European pension fund assets, with 25 billion dollars of such assets under management - said in a statement that it has hired Varkki Chacho and Mark Wauton from Goldman and UBS respectively.

Chacho was a managing director at Goldman with responsibility for global credit strategy while Wauton was head of European fixed income at UBS Global Asset Management.

“Reporting to Roger Bartley, global chief investment officer, fixed income, Varkki and Mark will focus primarily on the management of a new Gartmore global credit hedge fund,” Gartmore said.

Last week Gartmore said it was reviewing its resources and structure in order to respond to opportunities in the hedge fund market.

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