The Gartmore Group is to list on the London Stock Exchange and to carry out an initial public offering (IPO) which is expected to close in mid-December.

The company hopes to reduce its net debt to approximately £150 million through the offering.

In a statement Gartmore said: "The company believes that the global offer will enhance the company's profile and status with existing and potential clients and strengthen its ability to attract and retain the best investment talent."

 "We believe that a stock market listing now is the logical next step in Gartmore's development," commented Gartmore chief executive Jeffrey Meyer. "It will raise the profile of the group and provide benefits for our clients, shareholders and current and prospective employees. The fundamental prospects for our business are attractive and we have a clear strategy in place to deliver further growth," he added.

As of September 30, 2009 Gartmore had £21.8 billion in assets under management (AUM), including £3.8 billion in long/short equity hedge funds and £6.1 billion in segregated accounts.

The company saw net inflows of £924 million during the third quarter of 2009 and 87% of alternative fund AUM were above their high-water mark as the end of September.

US private equity group Hellman & Friedman acquired a stake of just over 50% of Gartmore in 2006. Gartmore employees own the rest of the company.

Bank of America Merrill Lynch, Morgan Stanley and UBS Investment Bank are acting as joint global co-ordinators, joint bookrunners and joint sponsors for the IPO. Citi is acting as joint bookrunner and Fox-Pitt, Kelton is acting as co-lead manager.

Ondra Partners is acting as financial advisor to Hellman & Friedman and Gartmore.
Freshfields Bruckhaus Deringer is Gartmore's legal adviser. Linklaters is acting as legal advisor to the underwriters and Cleary Gottlieb Steen & Hamilton is acting as a legal advisor to Hellman & Friedman.