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.
Sources say that it’s Gartmore’s actively managed funds that Nationwide is considering selling and that Hondros had offered to buy that business.
A spokesman for the company would not comment on any potential sale, and the company didn’t give a reason for Hondros’ departure.