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

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.