US PRIVATE EQUITY firm Hellman & Friedman has moved into pole position to acquire fund manager Gartmore after it emerged asset management company, Schroders has dropped out of the race, reports The Daily Telegraph .
The paper says it is understood Schroders, which is thought to have pitched its bid at around £550m for Gartmore Investment Management's UK business, pulled out of the sale process last weekend. It is not yet clear why Schroders dropped out of the auction, but it is thought it did not want to raise its offer to the £600m asking price. Hellman & Friedman, which last year teamed up with advertising group WPP to bid for media group Aegis, is believed to be the last remaining bidder for Gartmore -although other contenders may return. Henderson Global Investors, Lehman Brothers, Unicredit,...
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