UK – UK asset manager Gartmore says there will be “no change” for clients as a result of its private equity-funded management buyout.

Gartmore Investment Management yesterday confirmed that it would be sold by Ohio-based parent Nationwide Mutual Insurance Co. to private equity firm Hellman & Friedman and top managers. The price was not disclosed.

Subject to regulatory approval, H&F and Gartmore bosses would become the major shareholders in July.

“Under the new structure there will be no change to clients as Gartmore’s key priority is to continue to deliver superior investment returns and high quality client servicing,” Gartmore said.

“This ownership model aligns the interests of shareholders and key fund managers, thus providing long-term stability for the business, its staff and its clients.”

The firm has a total of €73.5bn in institutional and retail assets under management.

Elsewhere, a new private equity fund is being set up to invest in the asset management industry, according to reports.

Citywire said Tim Guinness, founder of Guinness Flight and manager of the Investec Global Energy fund, is seeking to raise £100m for the fund which would be looking at unquoted companies in the UK with between $500m and $1bn under management.

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