12 Jan 2011
Henderson Group has announced its offer to acquire Gartmore Group. The combined group will have around £78 billion assets under management and become one of the largest UK retail asset managers by AUM.
Under the terms of the proposed acquisition, Gartmore shareholders will receive two Henderson shares for every three Gartmore shares. The boards of both Gartmore and Henderson intend to recommend unanimously to shareholders that the offer be accepted.
Completion of the acquisition is expected to take place within the next three months, subject to a number of shareholder and regulatory approvals.
Henderson can confirm that a significant number of fund managers have already agreed to join Henderson representing 84% of Gartmore’s assets under management. They include: Charlie Awdry – Emerging markets, John Bennett – European equities, Chris Burvill – Cautious managed, Rob Giles – UK small cap, Tony Lanning – Multi-manager, Adam McConkey – UK small cap, Luke Newman – UK long/short equities, Chris Palmer – Emerging markets, Simon Peters – Long/short financials, Neil Rogan – Global equities, John Stewart – Japan long/short equities and Ben Wallace – UK long/short equities.
Henderson’s proposed acquisition of Gartmore will allow investors and advisers to refocus on the quality of the underlying investment teams at Gartmore as well as enhancing the investment capability of the combined group.
Under the terms of the proposed acquisition, Gartmore shareholders will receive two Henderson shares for every three Gartmore shares. The boards of both Gartmore and Henderson intend to recommend unanimously to shareholders that the offer be accepted.
Completion of the acquisition is expected to take place within the next three months, subject to a number of shareholder and regulatory approvals.
Henderson can confirm that a significant number of fund managers have already agreed to join Henderson representing 84% of Gartmore’s assets under management. They include: Charlie Awdry – Emerging markets, John Bennett – European equities, Chris Burvill – Cautious managed, Rob Giles – UK small cap, Tony Lanning – Multi-manager, Adam McConkey – UK small cap, Luke Newman – UK long/short equities, Chris Palmer – Emerging markets, Simon Peters – Long/short financials, Neil Rogan – Global equities, John Stewart – Japan long/short equities and Ben Wallace – UK long/short equities.
Commenting on the proposed acquisition, Andrew Formica, Chief Executive of Henderson Group, says: “The acquisition of Gartmore is a great opportunity for Henderson. Gartmore has a highly complementary strategy and stable of products to that of Henderson. Its recent travails should not overshadow the fact that Gartmore is one of the best known managers in UK fund management and its assets are performing well. By bringing across fund managers and integrating the business onto our own platform we will be able to enhance margins significantly. We will also better serve both sets of clients by expanding our product range, for instance in Absolute Return.”
Henderson’s proposed acquisition of Gartmore will allow investors and advisers to refocus on the quality of the underlying investment teams at Gartmore as well as enhancing the investment capability of the combined group.
