Henderson locks in majority of key Gartmore managers

Henderson has agreed lock-in terms with a number of Gartmore managers following its proposed £335m takeover.

The Anglo-Australian group says portfolio managers running 84% of Gartmore’s current assets under management (AUM) have agreed to remain with the combined group post acquistion, which is expected to be completed by the end of the first quarter.

The managers who have agreed to join Henderson include Charles Awdry, John Bennett, Chris Burvill, Tony Lanning, Adam McConkey, Luke Newman, Chris Palmer and Ben Wallace.

Gartmore suffered £4.8 billion of redemptions in the final quarter of 2010, following the sudden retirement announcement from its star manager Roger Guy. (article continues below)

Of the £4.8 billion of outflows, £3.1 billion was linked to Guy’s former European Large Cap team.

At January 7, 2011, Henderson estimates Gartmore had £16.5 billion of assets under management.