Hedge Fund Manager's Family Office ID'ed As Major Gartmore Buyer

Nov 24 2010 | 6:04am ET

To date, no one appears interested in buying troubled asset manager Gartmore Group. But one hedge fund manager was interested in buying a large stake in the London-based firm, albeit as secretly as possible.

The mystery buyer of a 4.91% stake in Gartmore is Swan Street Partners, a family office for the family of John Zwaanstra, the founder of hedge fund Penta Investment Advisers. Swan Street's United Industrial Services disclosed a 4% stake in Gartmore last week, but no information about the company was available.

The secrecy led Gartmore to demand UIS provide more information. Swan Street is controlled by John Zwaanstra's brother, Todd, who also worked at Penta.

The nearly 5% stake in Gartmore is enough to make Swan Street the fourth-largest shareholder of the firm.

Gartmore has been seeking a buyer for two weeks. The firm was rocked earlier this month when Roger Guy, its star hedge fund manager who ran some 17% of its total assets, announced his plans to retire next year.


In Depth

AIMA: Smaller Firms Remain the Lifeblood of the Hedge Fund Industry

Jul 26 2017 | 5:55pm ET

It is a hedge fund industry truism that the largest managers receive the most attention...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of