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Gartmore sells passive funds to State Street

Gartmore has sold its £18.1bn passive fund management business to the

investment arm of US financial services giant State Street in a bid to

concentrate on its active fund management operations.

State Street Global Advisors, which paid an undisclosed sum, will assume

management of £12.1bn of the assets. Gartmore will continue to manage

£6bn, including its retail index-tracking products.

IFAs and retail clients are unaffected and retain their relationship with


Gartmore says the move will allow it to focus on active fund management

which represents about 95 per cent of its business revenue. It will look

specifically at developing more high-margin products such as hedge funds

and its new focus funds.

Gartmore chief executive Glyn Jones says: “Gartmore will now focus all its

resources on its chosen strategy of active investment management. We

believe we have the fund managers, research analysts and investment process

to develop further innovative, market-leading active investment products.”

SSGA UK managing director Nigel Wightman says: “We know the Gartmore team

well and hold them in very high regard.”


Merrill Lynch HSBC – FTSE 100 Growth Protected Investment Product

Wednesday, 18 July 2001.Type: High interest account.Minimum-maximum investment: £5,000-no maximum, Tessa Isa £9,000.Interest rates: Up to 35 per cent of growth in FTSE 100.Term: Three years.Offer period: Until September 6, 2001.Withdrawal penalties: No withdrawals permitted during term.Tel: 08456 030405.

Product Matters

The launch of the Gartmore stable growth fund, which will investpredominantly in zero-dividend preference shares, is of note for a coupleof reasons. First, the new fund is being offered as the only rollover vehicle – otherthan cash – for investors in the Gartmore Scotland investment trust. Thisapplies whatever class of share the investor holds. There […]

Opposition parties renew pressure on annuities

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