Gartmore Group bought hedge fund of funds manager Riverview International Group Inc. for an undisclosed sum. Riverview has $350 million from U.S. clients and will be renamed Gartmore Riverview. The deal will allow Riverview to develop a European client base and build its U.S. institutional business, said Derry Guy, a managing director at the firm.
Gartmore had been looking to develop or acquire a hedge fund of funds business for some months. The firm currently has $2.4 billion in single hedge fund strategies and $48.9 billion in total assets under management, according to Jeanette Perry, Gartmore spokeswoman.