Henderson Group chief says Gartmore acquisition 'was a success'
Henderson's acquisition of Gartmore was very successful, it has been said.
Although it may have taken many negotiation skills, the Henderson Group's acquisition of Gartmore was successful.
In Henderson's 2011 full year results presentation, which was held today (February 29th), the organisation's chief executive Andrew Formica said the benefits of purchasing Gartmore exceeded his expectations.
At the time, he called it a "great opportunity for Henderson".
It managed to hold on to 86 per cent of its assets through clear business negotiations and the retention of key staff, as well as through integrating the firm "swiftly and seamlessly", the business leader declared.
The specialist called it the "headline corporate event of last year" for his firm.
Operating expenses for 2011 hit £103.8 million, which Mr Formica claimed was a result of this acquisition resulting in the need for additional support and administration.
"One-off integration costs" were £67.9 million, which is in line with what the firm predicted when it announced the deal.
This figure fell to £34.5 million after tax, he stated.
Posted by Edel Quinn
Source: Henderson copy of briefing, February 29th