One of the lesser-known facts about Gartmore Investment Management is that hedge funds represent about 25 per cent of its £27bn assets under management. According to Phil Wagstaff, head of global distribution, this makes it the eighth-largest hedge fund group in Europe.

Gartmore's involvement in alternative strategies dates back to 1999, when a client mandated Roger Guy, a senior fund manager, to run a portfolio with both long and short positions. The firm has been moving towards a more active management style, in hedge funds and traditional vehicles alike, ever since. The shift away from high street balanced mandates was confirmed in 2006, when the management teamed up Hellman & Friedman, the private equity firm, to buy Gartmore from Nationwide.