Gartmore Posts Profit As Assets Rise And Debt Falls

Mar 9 2010 | 9:22am ET

Gartmore Group returned to profit last year after using proceeds from its initial public offering to pay down its debt.

The London-based firm’s net income last year was £47.6 million. In 2008, Gartmore posted a £147 million loss. Assets under management were up 19% to £22.2 billion.

“We are starting to see the positive impact of the changes we have made, notably the impact of the new hires and product launches,” CEO Jeffrey Meyer said. “Momentum is continuing in 2010 with £273 million of net inflows for January and February.” Most of the new money this year—£210 million—went to Gartmore’s hedge funds.

Gartmore, which went public last year, used some of the £280 million it raised to cut its debt to £85 million.

Meyer added that Gartmore is “on the prowl” for new management teams, especially those in currency, macro, event-driven and fixed-income.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Strippers Accused Of Robbing Hedge-Fund Manager Face Jail

Oct 20 2014 | 9:20am ET

A group of alleged stripper-thieves—whose victims include a hedge-fund manager...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.