Gartmore fund managers exit due to takeover

THREE key Gartmore fund managers will exit as a result of it being taken over by Henderson.

Anglo-Australian fund manager Henderson will also axe 14 Gartmore funds, as it completes its takeover of the British firm.

Senior Gartmore managers Dan Roberts, John Anderson and Leigh Himsworth will not join Henderson following the takeover, ceding control of billions of pounds worth of assets to their former rivals.

The trio, alongside a number of other managers, previously managed around 16 per cent of Gartmore’s £16.5bn of assets under management (AUM).

However, the funds will be rebranded under the Henderson banner, with the hope that no money follows the managers out of the door.

The newly formed group will have around £78bn AUM.

Gartmore’s John Bennett, who ran around €3.6bn (£3.1bn) in assets, much of it inherited from departed star fund manager Roger Guy, emerges as a notable beneficiary of the merger, retaining control of his portfolios.

Gartmore looked to Bennett to fix its damaged reputation when it started the search for a buyer last year as its shares slumped after losing key fund managers.