UK - Gartmore Investment Management is to enter the institutional multi-manager market following the acquisition of the majority of Govett Investments' business.
Gartmore has agreed to take over £1bn of Govett’s mutual funds, investment trust and institutional business for £14m.
The deal – which is subject to regulatory approval – will accelerate Gartmore’s plans to enter the institutional multi-manager market, which were first mooted in September.
Earlier this year, Gartmore acquired Insight Investment’s retail fund-of-funds team, which is led by Bambos Hambi.
This latest acquisition means Hambi’s team now has Govett’s institutional fund-of-funds mandates to run. Gartmore expects to have the funds operational within the next 90 days.
Gartmore global head of institutional business Frances Davies says the institutional funds will be opened to other institutional investors in the first quarter of 2004.
Chief executive officer Glyn Jones hinted that Gartmore was planning further acquisitions.
Jones said Gartmore’s ultimate parent, Nationwide Mutual Insurance, had identified asset management as a core business.
“With its strong commitment and support we are well placed to make further buys should the opportunities arise.”
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