Gartmore Mutual Fund Capital Trust is preparing two registered hedge funds for its Variable Insurance Trust III series. The firm filed paperwork yesterday with the SEC for two new funds: Gartmore GVIT Optimized Multi-Strategy Market Neutral Fund and the Gartmore GVIT Optimized Multi-Strategy Alpha Fund.

Both funds are funds-of-funds and will invest in a number of managers with diverse strategies. Registered funds-of-funds are currently a popular product with asset managers that are seeking products with a strong track record in the bear market. Still, these funds have yet to capture significant assets in many cases.

Coda Capital Management and Gartmore Global partners will subadvise the funds. They will be distributed through separate accounts offered by Nationwide Insurance. Gartmore is the asset management arm of Nationwide.

The funds will carry a 2.5 percent management fee and come in two share classes. The Class I shares will levy a 25 basis point distribution fee while the Class II shares will charge 100 basis points for distribution.  

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