Gartmore, the asset management house, is launching its 10th hedge fund with around $50m (€43.5m), breaking the $3bn mark in hedge fund assets under management.

The credit hedge fund, to be managed by Mark Wauton and Varkki Chacko, will seek further capital next month. Chacko and Wauton joined Gartmore in March from Goldman Sachs and UBS Asset Management respectively.