Gartmore saw outflows of £1.2bn in the three months prior to the completion of its takeover by Henderson, the new owner revealed today.
Henderson says since the end of December 2010, Gartmore has seen net outflows of £1.2bn. This figure, which includes redemptions, reflects market volatility which the group says had a negative impact on AUM. It means total AUM stood at £15.3bn when the takeover of the group was completed this morning. "Our attention now moves to bringing across fund managers and staff and integrating the business onto our own platform," says Andrew Formica, chief executive of Henderson Group. Henderson first announced in January it was looking to take over Gartmore in a deal valued at around £336m.
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
