Veteran UK hedge fund managers Roger Guy and Guillaume Rambourg are set to launch their first new fund in more than five years with a product that their employer, UK asset manager Gartmore Investment Management, will offer to retail investors.

Gartmore said it just waiting for regulatory approval before launching the Gartmore European absolute return fund. It is to be run by Guy and Rambourg, who in 1999 became the first portfolio managers to launch a hedge fund, Alphagen Capella, while remaining at a mainstream, UK asset management firm.