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Rating:Nationwide Plans to Keep Gartmore U.S. Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, March 09, 2006

Nationwide Plans to Keep Gartmore U.S.

Reported by Marie Glancy

Gartmore officials said Thursday that the insurer's U.S. operations are not being sold by its parent, insurer Nationwide.

MFWire has obtained a statement released by the Conshohocken, Pennsylvania-based asset management group, which maintains that Nationwide "plans to retain and grow Gartmore’s U.S.-based mutual fund business as part of an overall strategy to build an investment organization that better leverages Nationwide’s brand and distribution capabilities." The statement adds, "Nationwide has not reached any decisions regarding Gartmore’s U.K.-based operations and will only comment further if specific developments warrant."

Rumors of a sale have spread in the U.S., apparently fuelled by stories in the British financial media on the future of Gartmore U.K.

According to those reports, Morgan Stanley was instructed by Nationwide to auction off Gartmore. The London Times wrote that UK-based financial services firm Henderson Group Plc. is one of several possible buyers, and a bidder is expected to be selected by the end of this month.

None of the British press reports specified that Nationwide would offload only Gartmore U.K., but reports on the auction had been notably absent from U.S. wires.

Nationwide, which is headquartered in Columbus, Ohio, purchased Gartmore from Bank of Scotland in 2000. 

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