Tim Callaghan has rescinded his resignation and committed his long-term future to Gartmore. Callaghan, who manages the Gartmore European Focus fund, was to due to join Resolution Asset Management with Adrian Darley and James Frearson, but has decided to stay following incentives from the group, such as becoming one of the "Gartmore Partners" with equity in the new business following the sale by Nationwide to Hellman & Friedman.
Subject to regulatory approval, Hellman & Friedman and Gartmore's management will become major shareholders in the group once the deal is finalised in August 2006. The deal sees Gartmore's senior fund managers and executives take a significant slice of Gartmore's equity allowing them to take control of the day-to-day business operations.
Alongside Darley, Callaghan was expected to take over as Resolution' s co-head of European Equities, a position Darley will take alone once he joins the group. Resolution is now on the lookout for an additional European manager to fill Callaghan's position.
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