Acquires Gartmore's Passive Equity Business
Continuing with its UK expansion, State Street Global Advisors of Boston announced today that it has acquired the Gartmore Investment Management's passive equity business. Gartmore, a London-based subsidiary of Nationwide Mutual Insurance Company, has $25 billion in assets under management in its passive equity business from a wide range of UK institutional clients.
'The acquisition of Gartmore's passive equity business is a natural and strategic fit for SSgA. It augments our presence in the United Kingdom, building on the success we have enjoyed here in recent years,' said Alan Brown, chairman of SSgA UK, in a statement. SSgA established its London operations in 1990.
Under the terms of the deal, SSgA will hire the Gartmore team that manages, services and administers the passive equity business. The transition is effective immediately.