Gartmore Prepares December IPO to Reduce Borrowings

Bloomberg – Gartmore Group Ltd., the manager of about 21.8 billion pounds ($36 billion) in hedge and mutual funds, is preparing an initial public offering of at least 250 million pounds next month to reduce debt.

The money manager plans to cut borrowings to about 150 million pounds from 400 million pounds, Chief Executive Officer Jeffrey Meyer told reporters on a conference call today. Hellman & Friedman LLC, the private equity firm that acquired Gartmore for about 500 million pounds in 2006, may sell part of its 52 percent stake in the IPO, Meyer said.

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