Tuesday, 21 February 2017
Last updated 3 days ago
Nov 24 2010 | 5:04am 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.