Swan buys Gartmore stake

Marion Dakers
THE mystery buyer of shares in takeover target Gartmore was revealed yesterday as a vehicle linked to hedge fund tycoon John Zwaanstra.

Swan Street Partners LLP said yesterday it owns a 4.91 per cent stake in Gartmore, making it the fourth-biggest shareholder.

The firm built up its stake anonymously through a British Virgin Islands-based company called United Industrial Services last week, leading to speculation about the ultimate buyer.

Swan Street has been named in a US regulatory filing as a family trust for Zwaanstra, who founded Asia-focused hedge fund manager Penta Investment Advisers and once worked for George Soros.

Gartmore was put on the block earlier this month in an attempt to stem losses linked to the departure of star manager Roger Guy.