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Gartmore Group Limited (GRT)

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Friday 14 May, 2010

Gartmore Group Limited

Interim Management Statement

Gartmore Group Limited

Interim Management Statement

14 May 2010

Gartmore Group Limited ('the Group') is today publishing its Interim Management
Statement in respect of the first quarter of the current financial year,
covering the period from 1 January 2010 to the date of publication of this

Key points

First quarter results

  * Assets under management up by £1.3bn or 6% to £23.5bn at 31 March 2010
  * £126m of net inflows in the three months to 31 March 2010
  * Launch of two new absolute return mutual fund strategies
  * Net performance across alternative funds of 17.0% for the twelve months to
    31 March 2010
  * Completed private equity fund of funds joint venture with Hermes Fund
    Managers Limited
Recent results

  * Assets under management of £22.4bn at 30 April 2010 up by 1% on 31 December
    2009 after £834m of outflows in April 2010
  * Subsequent outflows of £380m from alternative funds on the dealing day of 4
    May 2010
Jeffrey Meyer, CEO, commented:

"The business performed reasonably well during the first quarter, however more
recent events have caused a loss of momentum. With the reinstatement of
Guillaume and other steps we have taken, we are in a position to regain that

There will be a conference call for analysts and investors at 9 a.m. (BST).

Dial in details:

Tel: +44 (0)20 7162 0025

Conference ID: 865571


For further information please contact:

Jeffrey Meyer, CEO             Keith Starling, CFO           
+44 20 7782 2045               +44 20 7782 2569              
[email protected]     [email protected]   
M:Communications:              M:Communications:            
Ed Orlebar                     Caroline Villiers             
+44 7738 724630                +44 20 7920 2321              
[email protected]          +44 7808 585184               
                               [email protected]        

First quarter commentary

Assets under management

AUM grew from £22.2bn at the end of 2009 to £23.5bn at 31 March 2010, a 6%
increase. Of this increase in AUM, £126m was net new business and the balance
was due to market and investment performance. AUM increased in the first
quarter across all product groups.

Alternative fund AUM increased to £4.4bn at 31 March 2010 from £3.9bn at 31
December 2009. Net inflows were £252m during this period. Weighted average
investment performance in the first quarter was +0.8% net of all fees and AUM
also increased as a result of the appreciation of the US Dollar against

Mutual fund AUM increased to £12.6bn at 31 March 2010 from £12.2bn at 31
December 2009. The Group experienced net outflows of £221m, with £137m of
inflows into the absolute return mutual funds and an outflow of £358m from
long-only funds. The majority of long-only flows were redemptions out of the
Continental European SICAV. The Group seeded two new absolute return strategies
in the quarter, Japan and European Best Ideas. 94% of the mutual fund AUM is in
equities and therefore it benefited significantly from strong equity market
performance over the period.

Segregated mandate AUM increased to £6.5bn at 31 March 2010 from £6.1bn at 31
December 2009. The segregated mandates benefited from both stronger equity
markets and net inflows of £95m for the quarter.

Investment performance

For the one year period ended 31 March 2010, the Group's alternative funds
produced an AUM weighted return of 17.0% net of all fees, which compared
favourably against the Eurohedge European Equity Long-Short Indices, which
recorded returns of 12.4% over the same period.

At 31 March 2010, 20%, 71% and 80% of Gartmore's mutual fund AUM were invested
in funds that have achieved first or second quartile performance over the last
one, three and five years, respectively. Overall performance on an AUM basis
over one year continued to be impacted by the performance of the large European
equities funds which were under benchmark in 2009 and in the first quarter of
2010. The performance of both of these funds has improved since the beginning
of February, with John Bennett's team making a good start.

At 31 March 2010, 60% and 83% of segregated mandates were above benchmark on an
AUM weighted basis over the last three and five years respectively.

Private Equity Joint Venture with Hermes

On 1 April 2010, the Group successfully completed the formation of a joint
venture with Hermes Fund Managers Limited to combine their private equity fund
of fund businesses into a new vehicle called Hermes GPE LLP. At inception,
Hermes GPE LLP had committed assets under management of £4.1bn. The increased
scale of the new entity should enable it to develop its business more
effectively, competing for third party assets principally from large to medium
sized pension schemes. At 31 March 2010, £1.1bn of private equity fund of fund
AUM was included in the Group's segregated mandate AUM.


As of 30 April 2010, the Group had year to date net outflows of £708m which
comprised £197m of alternative fund inflows, £568m of mutual funds outflows and
£337m of segregated mandates outflows. As of this date, the Group's AUM was £

In addition, alternative fund net outflows of £380m were recorded on the
dealing day on 4 May 2010.

The outflows in the period from 31 March 2010 to 4 May 2010 are primarily as a
result of the Group's announcement on 30 March 2010 in respect of the temporary
suspension by the Group of Guillaume Rambourg for potential breaches of
internal rules related to directed trading and the launch of an internal
investigation into such trades. Following the conclusion of the internal
investigation on 28 April 2010, the Group announced the reinstatement of
Guillaume initially as an investment analyst. The substantial majority of the
outflows occurred or were notified at the time of Guillaume's suspension. In
addition, following his reinstatement a significant proportion of notified
alternative fund redemptions were rescinded.

At 30 April 2010, 54%, 70% and 77% of Gartmore's mutual fund AUM were invested
in funds that have achieved first or second quartile performance over the last
one, three and five years, respectively. The improvement in the one year number
from March 2010 is primarily due to an improvement in the large European
equities funds.

For the one year period ended 30 April 2010, the Group's alternative funds
produced an AUM weighted return of 15.7% net of all fees, which compared
favourably against the provisional Eurohedge European Equity Long-Short
Indices, which recorded returns of 10.8% over the same period.

The Group's financial position remains materially unchanged.


Breakdown of changes in AUM by product

                                                  First quarter     Full year
                                                           2010          2009
                                                          (£bn)         (£bn)
Alternative funds                                                            
Opening AUM                                                 3.9           4.2
Subscriptions                                               0.5           1.6
Redemptions                                               (0.3)         (2.0)
Net flows                                                   0.2         (0.4)
Performance                                                 0.3           0.1
Closing AUM                                                 4.4           3.9
Mutual funds                                                                 
Opening AUM                                                12.2           9.5
Subscriptions                                               1.1           3.8
Redemptions                                               (1.3)         (3.3)
Net flows                                                 (0.2)           0.5
Performance                                                 0.6           2.2
Closing AUM                                                12.6          12.2
Segregated mandates                                                          
Opening AUM                                                 6.1           5.0
Subscriptions                                               0.3           1.6
Redemptions                                               (0.2)         (1.4)
Net flows                                                   0.1           0.2
Performance                                                 0.3           0.9
Closing AUM                                                 6.5           6.1
Total AUM                                                  23.5          22.2


Alternative Funds

Period to 31 March 2010                            Gartmore's      Eurohedge
                                                  Alternative       European
                                                   Funds p.a.         Equity
                                                              USD Index p.a.
Since Inception                                         15.1%           9.1%
5 years                                                  9.8%           6.9%
3 years                                                  6.0%           2.1%
1 year                                                  17.0%          12.4%

Mutual Funds

                                             Percentage of funds           
Mutual fund AUM weighted                   1 yr          3 yr          5 yr
performance to 31 March 2010                                               
1st quartile performance                      4            49            57
2nd quartile performance                     16            22            23
3rd quartile performance                     59            13             8
4th quartile performance                     21            16            12

Forward Looking Statements

This interim management statement may contain certain forward-looking
statements with respect to the financial position of the business. By their
nature, these statements involve risk and uncertainty because they relate to
events and depend on circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these forward-looking
statements. The forward-looking statements reflect the knowledge and
information available at the date of this interim management statement. The
Directors do not make any undertaking to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Nothing in this interim management statement should be construed as a profit


a d v e r t i s e m e n t