Magazine article American Banker

Global Dispatches: NationsBank, Gartmore Detail Five-Year Plan to Restructure Venture

Magazine article American Banker

Global Dispatches: NationsBank, Gartmore Detail Five-Year Plan to Restructure Venture

Article excerpt

Gartmore Global Partners, the joint venture between NationsBank Corp. and a British asset manager, has undergone some fine-tuning.

The Charlotte, N.C., banking company and Gartmore Investment Management, London, hammered out a new five-year plan at the end of April that puts more capital and resources into the partnership, said Christopher Russell, a Gartmore Investment director and head of overseas businesses.

Gartmore Global Partners will soon open an office in New York that will concentrate on business development, Mr. Russell said. The company already has an office in Charlotte.

Established in 1995, Gartmore Global Partners is an equal partnership between NationsBank and Gartmore. However, the alliance went through a rocky patch last year with the departure of four senior executives.

Before the April renegotiation, "it was two partners effectively subscribing their own people," Mr. Russell said. But now, he said, Gartmore Global is again building staff in its own right.

Richard Hoag, formerly with Bankers Trust Corp., will join Gartmore Global in New York July 27 as a managing director responsible for business development in the United States. Mr. Russell said the firm will eventually add another person in New York.

Meanwhile, Stephen Watson, formerly with Gartmore Investment Management, recently joined the alliance full-time as its chief investment officer.

Mr. Russell said that the original principles behind the joint venture remain intact, but noted that there are some changes. …

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