Financial Results
Gartmore's Assets Decline

Gartmore, the UK-based asset manager that has seen the suspsension and resignation of one of its star fund managers, has reported a 10.3 per cent drop in assets under management in the first six months of 2010, bringing them to £19.9 billion (around $31 billion) as of 30 June, compared to £22.2 billion at the end of 2009.
The fall in AuM was caused by a net business outflow of approximately £1.7 billion. Gartmore’s net revenue was also down by 49 per cent to £113.2 million in the first half of 2010, compared to £223.7 million in December 2009.
The firm has been hit by the departure of Guillaume Rambourg, one of its top traders, who broke internal trading rules and is now being probed by the Financial Services Authority, the UK financial regulator.
In other details, Gartmore said its AuM grew by 12.6 per cent year-over-year, from £17.4 billion at 30 June 2009 to the present figure. Net revenue grew by 36 per cent year-over-year to £113.2 million, compared to £83.4 million in the first half of 2009.
The firm also published a financial update which stated that AuM were £20.3 billion at 31 July 2010 and net outflows in July stood at £238 million.