Troubled Gartmore agrees to be bought by rival Henderson
GARTMORE, the UK fund manager that is one of the most successful long-term investors in Irish shares, agreed yesterday to be bought by Anglo-Australian rival Henderson, closing the book on Gartmore's troubled year as a public company.
Henderson said many of Gartmore's most-prized fund managers, controlling 84pc of its assets, will stay on with the enlarged group, which will have more than €90bn under management.
The news comes too late for Gervais Williams, who quit Gartmore last year as the publicly quoted company suffered a litany of woes that spooked clients and sparked heavy outflows of assets.
Mr Williams quit Gartmore in September 2010, and the company said in December that it was winding up the Gartmore Irish Growth fund, which is the only investment trust focused on Ireland's smaller companies.
The trust fund delivered compounded annual growth of 14.1pc since its launch in 1995.
Shares in Henderson and Gartmore jumped yesterday following the news.
The deal crystallised a 58pc loss for investors who bought shares when Gartmore floated in December 2009.