LONDON - The first news on the merger of the portfolio teams of Gartmore PLC and NatWest Investment Management has emerged.
Not surprisingly, Gartmore veterans are coming out on top of the combined firm's international equities desks, though the fate of its critical U.K. equities unit has yet to be decided. Six members of NatWest's international team have left the firm, either for other jobs or were laid off from the consolidation of the staffs.
Gartmore essentially engineered a reverse takeover in NatWest's purchase of the firm earlier this year. As previously reported, Paul Myners, Gartmore's chairman, remains chairman of the combined concern, which has retained the Gartmore name. The predecessor firms managed some 46 billion in assets as of Dec. 31, the latest date for which data is available.
A Gartmore spokeswoman said the firm remains committed to its philosophy of acquiring attractively priced growth stocks, with portfolio managers conducting their own research.
Andrew Fleming, head of Gartmore's international equities team, will retain that position in the combined firm. Andrew Jenner, who headed the NatWest team, has left the firm.
For European equities, Stephen Jones, another Gartmore manager, will remain head of that area, though it is being subdivided between large-cap and small-cap areas, providing more opportunities for NatWest personnel.
Nevertheless, Tim Weir, NatWest's head of European equities, left the firm. Also, European fund manager Stephen Roper has joined Britannia Investment Managers Ltd., Glasgow, in a similar capacity. Chris Armstrong and David Rey, both European investment analysts, also have left.
Japanese equities will continue to be run out of Gartmore's existing Tokyo office. Peter Whelpton remains head of that area, although one NatWest manager will be added in Tokyo. But Nathan Gibbs, formerly head of NatWest's Japanese equities team, and portfolio manager Fiona Stewart left to join Prudential Portfolio Managers Ltd. in London.
Robert Siddles, yet another Gartmore person, remains in charge of U.S. equities. While U.S. stocks previously had been roughly split between large-cap and small-cap, the merger formalized the division.
For global portfolios, Stephen Watson, also from Gartmore, is in charge. And in Pacific Basin and emerging markets, where NatWest did not have existing teams, the Gartmore professionals remain in their positions.
The combined firm has yet to inform clients of the outcome of its merged fixed-income team, but it is believed to include most members of both firms' teams.
Still undecided are the fates of the U.K. equities teams, the quantitative teams and the marketing staff, though it's believed Gartmore marketing chief Helen Marsden will retain that position.