State Street Global Advisors (SSgA), the investment management arm of State Street Corporation, today announced the completion of the transfer of the passive equity business of Gartmore Investment Management, which is now owned by the Nationwide Mutual Insurance Company. The final close represents completion of the transfer of 143 Gartmore passive equity clients to SSgA.
The transfer follows the July 2001 acquisition of Gartmore’s 18.1 billion passive business. SSgA’s says its assets under management in the UK experienced solid growth in 2001 – impressive during a period of weakness in equity markets. Recent business wins include passive and active mandates from clients including the National Pensions Reserve Fund of Ireland, UNICO Asset Management in Germany and the sixth largest pension plan in the Netherlands, PMI-SVM. As of March 31, 2002, SSgA manages over 558 billion in assets worldwide.
Commenting on the completion of the transfer of Gartmore’s index clients, Nigel Wightman, Managing Director of State Street Global Advisors, UK, said: “We are delighted to have completed this strategic acquisition and welcome the Gartmore clients and teams to SSgA. The success of this transfer operation further reinforces our world leadership in index management, and we look forward to being able to provide these new clients with high level resources and expertise.”