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Gartmore MBO announcement imminent

Gartmore is likely to announce the terms of the private equity-backed management buy out of the investment house “either later today or early tomorrow morning” according to a company spokesman.

US group Hellman & Friedman are currently finalising the legal details of the agreement which will be expected to lock in a number of the company’s key managers.

Gartmore was bought from Royal Bank of Scotland Group by Nationwide for £1bn in 2000.

Paul Feeney, Gartmore’s head of European retail, is understood to be leading the buy out.

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