Gartmore offers equity deal to top staff
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Gartmore has awarded 3.5 per cent of the company’s equity to leading members of its staff in a bid to lock them into the business.
The firm, which has seen the recent departures of leading fund managers Guillaume Rambourg and Gervais Williams, has had a difficult time of it since floating at the end of 2009 with the firm’s share price falling as well as Rambourg becoming the subject of an FSA probe.
According to The Telegraph, the share award has been made to a mixture of portfolio managers and senior management at the company and will mature over a number of years. At Friday’s closing price the equity was worth £13.5m.
It is understood that the board is considering extending the scheme with a second award understood to be under discussion by the company’s remuneration board.
Gartmore is also believed to be targeting a raft of leading managers to add to the group, with a least one more set to be added before the end of the year. A multi-million pound consumer advertising campaign is also understood to be in the planning stages.
Last month the company revealed that its assets under management had fallen to £20.3bn, after seeing redemptions of £1.9bn in the first seven months of 2010.
Gartmore chief executive Jeff Meyer says: “The bottom line is that we are beginning to get a sense of recovery. It’s still early stages.”
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