Fund Manager Gartmore Says Business Rebounding
Wednesday, March 10, 2010 : PermalinkWSJ – Gartmore Group Ltd., the hedge-fund and mutual-fund manager that listed its shares on the London Stock Exchange in December, reported a drop in operating earnings for 2009 but said its business is firmly on the mend and has taken in £273 million (about $409 million) in net new money so far this year.
Gartmore said it managed £22.2 billion at Dec. 31, up 19% from £18.7 billion a year earlier. Nearly all of the 2009 gains came from market and investment performance at its funds, with just £252 million added from net fund subscriptions.
