Gartmore grows assets by 19% in 2009

Assets at Gartmore grew by 19% to £22.2bn last year, boosted by net inflows into mutual funds of £485m.

Gartmore had $54.8m of earnings before tax, amortisations and depreciation. The group took in net new business of £252m. Overall its 52 mutual funds hold £12.2bn. It took £900m into three absolute return mutual funds during the year. Jeffrey Meyer, chief executive, says: "We have been managing absolute return funds since 1999 and our fund launches are based on proven strategies. The demand for these products remains strong and could possibly accelerate in the current period of volatility." Of IFAs, Meyer says: "The UK intermediary market continues to face changes as regulatio...