Hermes brings private equity fund home from Henderson

Henderson Group, the investment management company, has sold its share of the Hermes private equity fund.

Henderson says: "There is no gain or loss for the group on disposal of its interest for cash."

Henderson will, however, see its assets under management drop by £1.4bn as a result of the deal.

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The ownership was a legacy from Henderson's takeover of ill-fated rival Gartmore at the beginning of 2011.

The private equity fund was originally a joint venture between Gartmore and Hermes, which has now exercised its "right to purchase" the whole of Gartmore's interest under a change of control clause.

Henderson shares have fallen 23% since the start of this year.

BS