NATIONWIDE MUTUAL, the American owner of fund manager Gartmore, has decided against selling the whole of the asset management business but is instead looking to sell its UK operations, reports The Telegraph .
According to the paper, potential bidders for Gartmore have been circling for weeks on the assumption that the entire business would be up for sale with a value of about £1billion. But keeping Gartmore's US business, which accounts for about half of the fund manager's $84billion of assets under management, is expected to reduce Gartmore's value to between £600m and £700m. Nationwide Mutual had earlier planned to offer Gartmore as an IPO but only recently abandoned those plans too. ELSEWHERE, THIS MORNING’S papers are all covering a survey which shows growth in the service sector is like...
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