A CULL OF as many as 300 staff is expected if Henderson Group succeeds in its bid approach for the rival fund management house Gartmore, reports The Times .
According to the paper, Henderson would be looking for cuts equivalent to 60 to 70% of Gartmore’s payroll, claims one source familiar with the group. Gartmore employs 530 UK staff while Henderson’s worldwide headcount is approximately 900. Cuts could come from both sides, but Gartmore would probably bear the brunt of the pruning. Henderson is regarded as one of the front-runners to buy Gartmore, which has been put up for sale by its American owner, Nationwide Mutual. Roger Yates, chief executive of Henderson, has pledged he will only pursue the deal if it is earnings-enhancing. The Ti...
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