Fund managers Gartmore and Henderson have both felt the impact on the FSCS interim levy on their annual results, with bills of £2.1m and £7.6m respectively.
The results reflect a turbulent year for Gartmore, with Henderson making a bid for the fund manager in January this year in a deal valuing the asset manager at £344m. The acquisition is expected to be completed by 4 April. Gartmore reported £7.2bn of assets left the firm in 2010, compared to a net inflow of £300m in 2009. Net revenue was £223.7m in 2010, up from £208.7 the previous year, while AUM shrank from £22.2bn to £17.2bn. Gartmore says: "Since the year end the group has experienced net outflows (net of notified redemptions) in January of £390m and up to 18 February of £402m....
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