Pursglove and Wagstaff won't join Henderson
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Henderson has confirmed that Gartmore head of UK retail Richard Pursglove and head of global distribution Phil Wagstaff will not join Henderson.
Henderson announced the completion of the £335m deal to acquire Gartmore this week.
Pursglove joined Gartmore from Cazenove Capital Management in January 2008 while Wagstaff joined from New Star in October 2007.
Henderson has taken on a number of Gartmore managers, including European manager John Bennett and multi-manager Tony Lanning.
Henderson plans to merge 14 Gartmore funds into existing Henderson funds and seven Gartmore managers will leave the combined firm. They are bond fund manager John Anderson, UK equity fund manager Leigh Himsworth, UK equity income manager Dan Roberts, head of Asian equities Jan de Bruijn, Japanese equity man-ager Mike Gleason, head of high yield Kam Tugnait and pan-European smaller companies Sicav fund manager Moni Sternbach.
Gartmore shareholders are entitled to 0.6667 of a new Henderson Group share for each Gartmore share they own.
Gartmore has seen a further £1.2bn of outflows in the first quarter since announcing assets under management of £16.5bn on December 31.
Henderson Group chief executive Andrew Formica says: “Our attention now moves to bringing across fund managers and staff and integrating the business on to our own platform.”
Hargreaves Lansdown head of research Mark Dampier says: “You expect this sort of change and turnover when a deal like this goes through.”
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