10th March 2011

Gartmore: Update on Henderson Group's proposed acquisition of Gartmore

On 12 January this year, Henderson Group plc (Henderson) announced its proposed acquisition of Gartmore Group Limited (Gartmore). At the time, we stated that the acquisition was expected to complete within three months. Subject to shareholder and regulatory approvals and certain conditions being satisfied, we expect the acquisition to complete on 4 April 2011.
In January we also stated that we would confirm as soon as we could more details relating to the management of the Gartmore funds following completion. I am pleased to be able to give you this information now.

Continuity of management
The enclosed leaflet shows who will be managing Gartmore funds following deal completion. In many cases there is no change in fund management responsibilities. For example Chris Palmer and Charlie Awdry (emerging markets), John Bennett (European equities), Chris Burvill (cautious managed), Tony Lanning (multi-manager), Adam McConkey and Rob Giles (UK smaller companies), Neil Rogan (global equities), John Stewart (Japan long/short equities) and Ben Wallace and Luke Newman (UK absolute return) will continue to manage the same funds they currently manage.

These funds will significantly enhance Henderson's investment capability, which is why we are delighted by the high level of management continuity. In practical terms there will be no impact for investors in these funds until the summer when we will integrate Gartmore's UK OEIC client administration platform and rebrand the funds with the Henderson name.

Change in management for merging funds
The leaflet also shows which Gartmore funds will have a change in management. The funds affected are primarily those where Henderson has an existing strong and widely recognised fund management capability and where we believe it will be sensible to merge funds because of their similarity to existing Henderson funds.
In addition, we have also detailed our provisional plans for fund mergers - subject to regulatory and investor approval. Until the funds merge, which is scheduled for late summer, they will keep their existing names including the Gartmore prefix.

Next steps
The next significant step in the acquisition process is Gartmore and Henderson shareholder approvals on 21 and 22 March respectively followed by the expected completion on 4 April. After this we will write to advisers and all investors in Gartmore funds confirming the change in corporate ownership and giving more details on the integration process.

Since announcing the proposed acquisition, Henderson and Gartmore staff have been working closely together to ensure a smooth integration. Plans are well advanced for all phases of the integration process in order to minimise any potential disruption to you or your clients.

We recognise that information around funds and fund management responsibilities is critical to helping you service your clients, which is why we have released these details as soon as we possibly could and well in advance of the acquisition completing.

If you have any questions relating to specific funds, please continue to use your usual Gartmore or Henderson contact points.

Investments