Investment manager Baillie Gifford has taken a ten percent stake in the Bermuda-based Montpelier Re’s newly-launched Blue Capital Global Reinsurance Fund.The Scottish firm, based in Edinburgh, bought ten million shares worth $1 each in the fund which was listed on the London and Bermuda Stock Exchanges last week.Baillie Gifford’s total holding is now worth $10.01 million, giving it a ten-share of voting rights, according to a London Stock Exchange notification.The firm also invested $8 million in CATCo Reinsurance Opportunities Fund following its launch on the LSE and BSX in December 2010.Baillie Gifford is one of many asset managers investing in reinsurance-linked investments. Many other mainstream investors have, in recent months, allocated capital to the reinsurance-linked investment space via insurance-linked securities, catastrophe bonds and other reinsurance and retrocessional contracts.The reinsurance-linked space is seen as relatively insulated from economic and financial slumps as demand for reinsurance generally holds up well during recessions.