Gartmore Grp Share Discussion Threads

[spob] 17/12/2010 15:30

sky breaking

bid coming from henderson

[hvs] 15/12/2010 18:17

Idiots in Charge.

Its only other peoples money.

[hvs] 10/12/2010 11:34

lol !!!

Thats THE CITY for you.

The more you can screw other people out of their money the higher your BONUS.

[diku] 10/12/2010 10:56

Smaller fine & it is up 2p...if it had been a larger fine the price would have been up 10%!!...

[envirovision] 10/12/2010 08:27

the sec in the US just fined them 1.35M for being a bunch of bent crooks.

Subject:
Date: Fri 10th Dec 2010 8:24:13
Region:
Market sector:
Company: BB&T Corp


=DJ Gartmore Group Gets $1.35M SEC Fine For Trading Violation




By Patricia Kowsmann

Of DOW JONES NEWSWIRES



LONDON (Dow Jones)--Gartmore Group Ltd. (GRT.LN) has been fined $1.35 million by the U.S. Securities and Exchange Commission over a breach related to the short selling of a U.S. stock last year, representing yet another blow to the fund manager that has put itself up for sale.

The short selling occurred in advance of a public offering of BB&T Corp. (BBT), which Gartmore also subscribed to. A Securities Exchange Act rule prohibits participating in a secondary offering of equities when there also has been short selling of the stock within a restricted period.

The SEC said Gartmore made a $928,117 profit from the deal. The fine includes repaying that amount, a civil money penalty of $375,000 and prejudgment interest of $44,134, all payable to the U.S. Treasury.

Gartmore is currently evaluating its options, including a possible sale for the company, after one of its top portfolio managers left the company.

The departure of Roger Guy, who managed GBP3.5 billion of Gartmore's GBP20.9 billion assets, was the latest in a dramatic chain of events since the company floated in December.

In March, Gartmore suspended Guy's No. 2, Guillaume Rambourg, and later found he had improperly directed some of his trades to specific brokers.

Gartmore wasn't immediately available to comment. The company had previously disclosed the SEC investigation.

At 0823 GMT, Gartmore shares were up 2 pence, or 1.8%, at 102 pence.

-By Patricia Kowsmann, Dow Jones Newswires. Tel [phone], [e-mail]







(END) Dow Jones Newswires

December 10, 2010 03:24 ET (08:24 GMT)

Copyright(c) 2010, Dow Jones & Company Inc.

[hvs] 06/12/2010 14:09

ITS THE CULTURE IN THE CITY.

Its ONLY other PEOPLES MONEY so GRAB It and guess what ?

Its all LEGAL. Ask the FSA.

[mrsi] 05/12/2010 20:51

Just been scrolling through charts on Sharescope searching for opportunities (long or short) and GRT popped up. Awful chart - obvious, but the way this company has been run is truly shocking, lends new meaning to snout in the trough - dreadfull.

[roman2325] 01/12/2010 10:58

AndrewBaker: cards on the table....whats your in-price?

And do you still expect to get taken out at 128p?

[hvs] 30/11/2010 12:08

At Zero equity value ?

[andrewbaker] 30/11/2010 11:22

Aberdeens' comments are interesting: Henderson are one of my favourites to bid or merge (which would effectively be a takeover).

[roman2325] 25/11/2010 16:29

Andrew: I understand your metrics. Yet you are valuing this the same way a Gartmore fund manager would value it. Straight out of a text-book. You haven't factored in reality. If I was a rival fund manager would I bid for the whole company thus getting some assets, maybe a couple of decent analysts and the rest of the tripe currently employed there or would I simply offer a contract to those managers I believed in and who will simply bring the funds with them?

If you are solely crunching the numbers then this probably does look cheap but unless someone bids for it it will go bust and why not wait for it to go bust - then start scavenging for whatever takes your fancy

[andrewbaker] 25/11/2010 11:22

Gartmore have made a mess of things: not a great surprise as given the numbers in the City and financial services who are numerically and intellectually challenged, there is bound to be a company from time to time with enough of them on board to c*ck up what is really a pretty good line to be in (meaning, don't be too far below the average or tracker, and you'll coin in money from the AMC and other not so visible charges).

But ... there is still value there precisely because of the AUM: never mind the quality feel the width. This will attract a bid.

Liontrust has a market value of 3.278% of AUM, whilst Jupiter's is 5.9%. Gartmore's is 1.845%. Say a fair percentage for Gartmore based on AUM is the average of Liontrust and Jupiter, ie 4.589%, and say that the AUM halved from the current £20b. That would give a market value of £458.9m compared to £369.4m currently, which translates to a share price of 124.23p.

And that is assuming 50% of AUM walks out the door.

My 128p guesstimate for a bid is pretty safe: it would be a steal based on current assets managed, and therefore could well be a reasonable amount more.

Of course, the shorters and those with no financial interest either way but just happy to air their complexes anonymously on-line, will not agree: but I'm happy to agree to disagree. It won't affect the outcome one iota anyway.

[roman2325] 25/11/2010 09:44

Andrew: in reality you buy a fund-manager not for the AUM - but the talent you get with it. If the talent goes - the assets go. This is happening and will continue to happen at Gartmore. Your take-out price of 128.5p is looking like a pipe-dream at the moment - why pay such a premium for a business when - lets face it - if it doesnt get purchased pretty quickly will simply go bust

If it was this good a trade every hedgy in town would be building a stake but their not - they're shorting it instead.

This will go bust.