Gartmore, the fund manager with $77bn (€65bn) in assets, has won new UK equity mandates worth £120m (€180m), with almost half coming from retailer Argos, taking net wins for its high alpha team to £380m since launch.

Argos said it had retained Gartmore's high alpha team, which runs aggressive portfolios that aim for outperformance of the index, to run £57m in UK equities. Previously Argos used to Gartmore to run a balanced portfolio, investing in both bonds and equities.