Martin Currie and Neptune not interested in buying Gartmore

Martin Currie has moved to quash rumours that it is interested in taking a stake in Gartmore. 

The Financial Times cited trader rumours this morning that private equity firm Hellman and Friedman was looking to offload its 24.3% stake in the business and that Martin Currie and Neptune were interested parties.

Neptune has not commented on the move but sources close to the company have suggested it is a misguided rumour. Citwyire understands Neptune believes Gartmore represents a poor strategic and cultural fit.

Martin Currie’s managing director of sales, marketing and client service Andy Sowerby told Citywire: ‘There is no substance to these rumours.’

Gartmore shares have continued to climb through the morning however.  At 11:30am they were up almost 5% on the day to 124p, albeit still 96p below the group’s IPO price last December.

Recently Henderson refuted speculation that it was looking to buy into the fund manager which has endured a difficult time since the float.

At its interim results last month Gartmore  revealed that its assets under management had fallen to £19.9 billion in the first six months of the year compared with £22.2 billion at the end of December.

Over the period inflows of £252 million in December swung to outflows of £1.65 billion at the end of June. With losses from the European franchise a key factor after Guillaume Rambourg’s suspension and subsequent departure.

Chief executive Jeff Meyer (pictured) told Citywire last month that the group was vulnerable to a takeover after it saw its share price endure prolonged weakness.

CITYWIRE VERDICT