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Callaghan loses funds in Gartmore restructure

Gartmore fund manager Tim Callaghan is the latest name to be considering his future at the firm as the European desk is restructured.

Callaghan’s European focus and growth funds are under evaluation for possible mergers. Both vehicles are in the bottom quartile of the Investment Management Association’s Europe (ex UK) sector over one and three years.

European head Stephen Jones will take interim control until the future of the funds is decided.

Callaghan looked set to leave Gartmore in June 2006 alongside Adrian Darley and Jon Fearon to join Resolution Asset Management but a last-ditch attempt by Gartmore saw him opt to stay.

Head of multi-manager Bambos Hambi and investment trust chief Jim Tennant have recently been replaced following reviews of their desks. Both are now in consultation with the firm and are likely to leave.

A Gartmore spokesperson says: “This is not a recruitment freeze, we are just doing what we feel is best for the investor, which has to be the group’s priority. We are not pulling out of the multi-manager or European markets where our presence will remain as strong as ever following the restructure.”


Gross lending at 26bn in March

Gross mortgage lending rose by 5 per cent to 26.3bn in March, says the Council of Mortgage Lenders, up from 25bn in February, but down by 17 per cent from 31.7bn in March 2007.


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