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Gartmore £1bn sale

NatWest&#39s fund management business Gartmore has been sold for more than £1bn to Nationwide Mutual, a US insurer based in Ohio.


Nationwide Mutual which began life as a farmers&#39 co-operative is paying £1.03bn for the firm, following a cut throat auction conducted by investment bank DLJ.


The payment of £110 million for net assets and £920 million for goodwill is almost double what was expected when the disposal was first announced.


The sale comes weeks after NatWest its current parent company was taken over by the Royal Bank of Scotland.

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