Ex AXA Framlington boss Kyprianou joins Gartmore board as bid talk swirls

Robert Kyprianou (pictured) has joined Gartmore as an independent non-executive director as Neptune and Martin Currie become the latest names linked with a bid for the group.

According the Financial Times, Neptune and Martin Currie are said to be circling the firm. The paper also suggest US private equity group Hellman & Friedman, which owns 24.3% of Gartmore, is looking for buyers just two years after it helped the firm complete a management buyout.

The speculation had sparked a 1.6p rise in Gartmore's shares by 8.30am, leaving them standing at 120p, exactly 100p below the price they listed at last December.

Gartmore has come under pressure following the controversial departure of star manager Guillaume Rambourg in July.

The impact of this was underlined in the group's full year numbers, released last month, which showed the group suffered £1.65 billion in outflows in the first half of the year.

The problems led Gartmore chief executive, Jeff Meyer, to admit the firm was vulnerable to a takeover.

Kyprianou was formerly the CEO of AXA Framlington until his retirement in September 2009. 

Commenting on his appointment, Kyprianou said: 'I am looking forward to joining the Board of Gartmore, one of the pre-eminent asset managers in the London market. The company has a broad range of excellent products and managers and is well-positioned to benefit from the demand for retail and absolute return products.'

The firm's chairman Andrew Skirton added: 'We are delighted to welcome Robert to the Board.  His depth of investment management experience makes him a great asset.'