Henderson In Talks To Buy Gartmore

Dec 20 2010 | 10:02am ET

Henderson Group is poised to be Gartmore Group’s white knight. The rival of the troubled fund manager said Friday that it had opened talks with Gartmore about buying the firm.

Henderson said its initial proposal was to buy Gartmore at “a slight discount” to the company’s closing share price on Thursday. The offer would value Gartmore, which had more than £20 billion in assets under management before this year’s troubles struck, at £360 million.

“Henderson’s proposal is conditional,” Gartmore said. “No terms have been agreed and there can be no certainty that a transaction would proceed on the basis set out in Gartmore’s announcement.”

Gartmore put itself up for sale last month after star hedge fund manager Roger Guy announced his retirement after 17 years at the firm. Guy’s exit is just one of a handful of high-level departures from the firm in recent months and it triggered an avalanche of redemption requests, leading some to question whether Gartmore could survive without a buyer or merger partner.

A deal for Gartmore would appear to be a change of plans for Henderson, which had previously said it planned to seek acquisitions that would give it an increased foothold in the U.S. and Asia.


In Depth

Firm Focus: Sustainable Insight Capital Bullish On ESG

Aug 12 2014 | 9:18am ET

Bruce Kahn spent over 15 years as a research scientist/consultant on environmental...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note