Rumours are escalating in the City that fund manager Gartmore could be ripe for a takeover approach, as its share price languishes more than £1 below its December 2009 flotation price.
The Daily Mail reports the Henderson Group, which took over stricken New Star last year, could be the interested party. Gartmore shares rallied yesterday by 3.7p to 117.3p amid speculation a larger manager has been running the slide rule over the business and is ready to make a formal bid approach for the group. The group has more than £22bn of assets under management. Henderson bought New Star for £115m in April last year and the Mail reports chief executive Andy Formica is said to be eager to tie up another deal. Gartmore has has a turbulent time since listing, with star manager ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
