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.

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