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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
