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Tuesday, August 08, 2006

Is Hondros Packing?

by: Sean Hanna, Editor in Chief

Paul Hondros may be about to depart from Nationwide's Gartmore Group. According to a published report, Hondros will leave the firm because of a growing difference of opinion between himself and executives at Nationwide. However, a spokesperson for the insurer told InvestmentNews, which published the story, that he is not aware of any executive changes afoot at Nationwide.

The insurer's spokersperson said that it is company policy to not comment on rumors.

Hondros, famous for his tough image as an ex-Philadelphia cop and leader of Fidelity's fund arm, was tapped by the insurer to create the fund management unit nearly a decade ago. More recently, though, Nationwide sold the European arm of Gartmore to San Francisco-based Hellman & Friedman Advisors LLC and is rumored to be disappointed in the U.S. manager's results.

The sale unloaded nearly half of the firm's assets, leaving Hondros in charge of a slimmed down unit with $46 billion in assets under management.

But that was two months ago, and at least one person who knows Mr. Hondros said he thinks that he will leave Gartmore, possibly to start his own firm.  

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