View more on these topics

‘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.


Base values

Interest rates Mortgage Express chief economist Peter Charles argues that with interest rates at historically low levels and nothing on the horizon that is likely to change the picture, prospective buyers do not have to rush into making a deal.

Boulger predicts axe for packs

Home information packs are likely to be scrapped if they are not introduced by the Government’s target date of June, says John Charcol senior technical director Ray Boulger. Boulger says he doubts that Hips will be launched by the Government on time and also questions whether there will be enough home condition inspectors for a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment