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Administration January 5, 2008
Nationwide Completes Exit from Europe
May 25, 2006 (PLANSPONSOR.com) - Nationwide Mutual
Insurance Company announced that Hellman & Friedman LLC,
a private equity firm, together with members of Gartmore
Investment Management PLC's senior fund management and
executive team, have agreed to acquire Gartmore.
Reported by Rebecca Moore
According to the announcement, the acquisition includes Gartmore’s UK, European, Japanese and Latin American businesses. Hellman endorses Gartmore’s strategy as a provider of specialist active investment products in the Retail, Institutional and Alternatives markets. Nationwide will retain the US portion of Gartmore Group, which does business as Gartmore Global Investments, Inc.
Jerry Jurgensen, Chief Executive of Nationwide, said in the announcement, “The Gartmore UK transaction finalizes Nationwide’s strategic exit from Europe and allows us to focus on the US investment and insurance markets.”
As a result of the transaction, Gartmore’s senior fund managers and executives will own a significant portion of the equity of Gartmore and will control the day to day operations of the business. Subject to regulatory approval, the acquisition is expected to be completed in July.