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.