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Gartmore chief execs withdraw their resignations

Gartmore has announced its two chief executives have reneged on their plans to resign from the fund manager according to the Financial Times.


Andrew Brown and David Watts both tendered their resignations in the aftermath of parent company NatWest&#39s proposals to buy Legal & General.


The withdrawal of their resignations has raised speculation that Gartmore&#39s senior executives are ready to organise a management buy-out.


The FT says senior managers have confirmed that it has been approached with offers from venture capitalists, although it predicts they will face tough competition from US investment banks and even UK life assurers.


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