UK – Asset manager Gartmore’s chief investment officer Peter Chambers has left following a review of “leadership resources” as it shifts its focus to hedge funds.

Gartmore is the 17th largest manager of European pension fund assets, with 25 billion dollars of such assets under management.

The company said in a statement that Chambers has resigned from his dual role as CIO of Gartmore Group and Gartmore Investment Management.

Glyn Jones, chief executive of Gartmore Investment Management said Gartmore has been “reviewing what leadership resources and structure are now needed” to respond to opportunities in the hedge fund market.

“Markets in recent years have led to broad-ranging new challenges and opportunities for our business across the world. Equity markets have been highly volatile and in deep decline, fixed income has grown in significance and hedge funds have developed rapidly as an attractive area of profitable growth.”

“We have concluded that we need to focus our expertise by establishing a full-time chief investment officer role overseeing the equity capabilities of Gartmore in London and establish a clearer specialist focus on the development of our equities and fixed income capabilities.”

The company named Roger Bartley as global chief investment officer for fixed income and Young Chin as global CIO for equities. Quintin Price, a former global head of research at HSBC Investment Bank and head of global fundamental research at Putnam Investments, has been named CIO for equities at Gartmore Investment Management.

Gartmore chief executive Paul Hondros said: “We are sure that the greater focus and accountability of these new roles will help build an even more successful set of investment capabilities.”

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