Gartmore could stage IPO before year-end

Gartmore is being prepared for a stock market flotation which could take place before Christmas, The Times reports.

American private equity group Hellman & Friedman, which owns the fund manager, has appointed Morgan Stanley and Citibank as joint bookrunners ahead of an initial public offering. The newspaper reports no price tag for the business has been established, but says it is likely to be well short of the £1.5bn mooted in July 2007, when a flotation of Gartmore was last seriously discussed. Gartmore was bought by Hellman for £550m in May 2006, from US financial services group Nationwide Mutual, after the buyout firm outbid Schroders and Henderson. It was previously owned by Natwest. A flot...