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Gartmore, the investment bank, is to be sold by Nationwide Mutual of the US to a management buy-out and Hellman & Friedman for about £500m.
Gartmore has acquired Riverview International, the US fund manager, for undisclosed terms.
Gartmore is to sell its passive equity fund management business to State Street Global Advisors for undisclosed terms, in order to focus on its high margin active business.
National Westminster Bank is acquiring Gartmore, the fund management concern which was 75% owned by Banque Indosuez, for £472m.
Gartmore is up for sale, as Banque Indosuez wants to sell its 75% stake.