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 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
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