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Gartmore to axe up to 75 jobs

Asset manager Gartmore has confirmed that it is making 60 to 75 job cuts as it becomes the latest firm to fall prey to the credit crunch.

The company said it was in a period of consultation with employees and said the review would lead to a number of redundancies by the middle of next month.

A spokeswoman for the firm said: “Like all asset managers, we are managing declining markets. Gartmore has historically kept a tight reign on its cost base and as a result is positioned well in the current financial climate. However, like many of our peers it is only prudent that we continue to manage costs in line with revenue expectations. Regrettably, this will include a reduction in staffing levels.

“Our overall business has fared well in 2008, largely due to the diversity of our investment teams and the breadth of our global client base. Our focus and priorities are unchanged and we remain committed to maintaining strong investment performance, delivering superior client service and controlling costs.”

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