Financial Results

Assets Rise, Earnings Drop, At UK's Gartmore

Tom Burroughes Editor London 9 March 2010

Assets Rise, Earnings Drop, At UK's Gartmore

Assets under management at the UK investment firm Gartmore rose by 19 per cent year-on-year to £22.2 billion (around $33.3 billion) at the end of December 2009, it said today.

Net revenues and profits fell last year, however. Earnings before interest, taxation, depreciation and amortisation fell to £54.8 million in 2009 from £90.2 million in 2008, Gartmore said in a statement to the London Stock Exchange.

Underlying cash earnings declined to £19.5 million from £42.5 million. Net inflows into mutual funds last year were £485 million.

Gartmore, one of the UK’s most recognisable fund management brand names, held an initial public offering last December, raising £280 million to repay debt.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes