The private equity firm that controls Gartmore, the investment group, is proposing a merger that would create a £40bn giant boasting some of the UK's top fund managers, the Mail on Sunday reported yesterday.
The paper says Hellman & Friedman has approached Germany's Commerzbank over a possible bid for its UK fund management operation Jupiter. By integrating Jupiter's business with Gartmore there would be massive cost savings - upwards of £30m a year according to one analyst. Marketing and back office departments could be combined while poorly performing fund managers would be culled. Financial Mail claims Hellman & Friedman's approach has been made by Patrick Healy, head of the company's London offices, who masterminded Gartmore's acquisition. News of Hellman & Friedman's interest comes a...
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