Paul Hondros, who founded Gartmore Global Investments, renamed NWD Investment Group in the last week, is leaving the firm as of Friday, the Philadelphia Inquirer reports. John Grady, who joined the firm only two months ago, will replace him as interim chief executive.
Hondros is leaving the company at a critical juncture. Parent company Nationwide Mutual Insurance is considering a large piece of Gartmore to its publicly held subsidiary, Nationwide Financial Services. In September, Nationwide sold Gartmore’s hedge fund business in Europe.