Gartmore set to float in December

The fund management firm says it will use the proceeds of the flotation to reduce its net debt to approximately £150m. Hellman & Friedman, the US private equity firm which owns Gartmore, has appointed BofA Merrill Lynch, Morgan Stanley and UBS as joint co-ordinators and bookrunners. Citi is also acting as a bookrunner. Gartmore says the firm's directors and employees - who currently own 50% of the firm - will sell around one-fifth of their shares. Their remaining shares will be subject to a staggered lock-in arrangements, which expire in 2013. Gartmore chief executive Jeffrey Meyer...