UK - Rumours are escalating in the City that fund manager Gartmore could be ripe for a takeover approach, as its share price languishes more than £1 below its December 2009 flotation price.
The Daily Mail reports the Henderson Group, which took over stricken New Star last year, could be the interested party.
Gartmore shares rallied yesterday by 3.7p to 117.3p amid speculation a larger manager has been running the slide rule over the business and is ready to make a formal bid approach for the group. The group has more than £22bn of assets under management.
Henderson bought New Star for £115m in April last year and the Mail reports chief executive Andy Formica is said to be eager to tie up another deal.
Gartmore has has a turbulent time since listing, with star manager Guillaume Rambourg suspended in March over allegations he broke company trading rules. Shares in the asset manager slumped 30% on the news.
Rambourg was later reinstated as an analyst, but resigned in July to concentrate on an FSA probe into his actions.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.