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‘Aberdeen won’t bid for Gartmore’

Aberdeen Asset Management has ruled itself out of the race to buy Gartmore, with managing director of Asia Hugh Young saying the firm has its hands full with integrating Deutsche.

Young, who is on the Aberdeen board, told Money Marketing that rumours linking the firm to Gartmore, valued by analysts at 600m, overlook its 265m acquisition of Deutsche Asset Management’s UK arm.

AAM is integrating Deutsche’s institutional business, closing down retail brand DWS and consolidating the fund range. Young says: “We have our hands full with Deutsche and we have got the structure we want.”

Other firms linked to Gartmore include Morley, Henderson, Schroders, and New Star, with first-round bids due in February. None of these firms will confirm they are in the running, but any bid for the firm is lik- ely to depend on the contractual obligations of fund manager Roger Guy, who runs 6bn in hedge funds.

Leaked details of Gartmore’s accounts reveal the firm saw earnings grow by 130 per cent last year, with its flagship hedge fund division seeing returns up by 13.5 per cent.

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