Gartmore makes redundancies

Gartmore has made Julian Hince, the head of strategic partners, and Simon Clark, the head of asset manager sales, redundant.

Hince joined Gartmore in December 2006 from Invesco as part of the group’s plans to expand its British retail business. Clark joined from Henderson Global Investors in January 2007. In his former role he was head of intermediary sales.

In a day described by one source as “carnage”, several other sales and distribution staff were axed on the hedge fund, institutional and investment trust side of the business, Fund Strategy understands.

The news follows last month’s announcement that the group would be letting between 60-75 jobs go as part of a global review of the business aimed at cutting costs in the wake of the current financial crisis.