CORRECT: Henderson, Gartmore In Talks On Possible Deal -Source
17 Dicembre 2010 - 8:07PM
Dow Jones News
Henderson Group PLC (HGI.LN) is in talks with Gartmore Group
Ltd. (GRT.LN) about acquiring the company after the struggling fund
manager effectively put itself up for sale last month, a person
familiar with the situation told Dow Jones Newswires on Friday.
The talks are detailed but are unlikely to result in a deal
before Christmas, the person added.
Henderson has been tipped as a possible buyer for Gartmore,
which saw its shares plummet following the high-profile departure
of two of its star managers, most recently Roger Guy, the company's
top fund manager who left the firm at the beginning of November. At
the same time, Gartmore said it had hired Goldman Sachs (GS) to
find a buyer for the company.
Henderson has been on the look out for acquisitions to diversify
and strengthen its product offerings over the past few years. Some
18 months ago, it bought New Star Asset Management, giving it a
sizeable chunk of U.K. retail funds, while earlier this year it
looked at U.S. fixed-income fund manager RidgeWorth Capital
Management Inc., part of SunTrust Banks Inc. (STI).
Gartmore would be an "opportunistic" buy for Henderson, the
person said, complementing existing businesses and boosting
exposure in emerging markets.
Gartmore shares went as high as 126 pence before closing at 105
pence, up 6%. Henderson closed unchanged at 131 pence.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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