Gartmore Group funds received redemption requests worth about £790 million in the last seven weeks, The Wall Street Journal reports. Gartmore’s assets have decreased to about £15.7 billion from £16.5 billion at the end of December 2010.
Henderson Group, which will complete its acquisition of Gartmore by April 2011, is seeking to stop the fund outflows. Gartmore’s 12 fund managers, controlling around 84% of Gartmore assets, will join Henderson and new money is expected to inflow into Gartmore funds after the merger with Henderson.
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