Gartmore announces flotation plans
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Gartmore has announced it is to float on the London Stock Exchange.
The firm intends to use the proceeds it receives from the global offer to reduce its net debt to £150m. Gartmore is currently owned by private equity firm Hellman & Friedman.
Gartmore says the move will enhance the company’s profile and status with existing and potential clients and strengthen its ability to attract and retain talent.
As at September 30, 2009, the Gartmore Group had £21.8bn of assets under management invested across three core product areas - a range of mutual funds making up £11.9bn, a range of alternative funds making up £3.8bn and a number of segregated accounts managed on behalf of large institutional clients making up £6.1bn.
Gartmore chief executive Jeffrey Meyer says: “We believe that a stock market listing now is the logical next step in Gartmore’s development. It will raise the profile of the group and provide benefits for our clients, shareholders and current and prospective employees.
“The fundamental prospects for our business are attractive and we have a clear strategy in place to deliver further growth.”
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Readers' comments (1)
Peter Herd | 20 Nov 2009 10:26 am
If RDR is to work and frankly I'm not sure that it will and surely the FSA also needs to bring in greater enforcement against individuals that offer financial advice through the back door. I am of course talking about the property consultants that give investment advice around property and accountants who overstepped the mark in the area of pensions and tax planning e.g. investment advice through the back door. Solicitors who operate in the area of wealth management who do not carry the necessary and surely they should be banned. Need I go on all IFA has asked for is a fair playing field where qualifications are both recognized and indeed protected. I'm fed up of coming across no end of property advisor that do give investment advice to clients and if we talking about protection and surely with should be looking at the buy to let market and overseas property investments and in my view are causing more damage to our society. We only have 60,000 individuals giving advice at present in the UK and if RDR comes in then these numbers could be drastically reduced I think it's about time that the FSA opened up constructive dialogue with the IFA industry to see how we can improve and standards without bringing targets that may not be met leading the general public a greater risk.
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