Battle ends for European managers

Gartmore has managed to persuade Tim Callaghan to stay with the firm, but Adrian Darley and Jon Fearon are off to Resolution Asset Management.

Moves last week revealed all three were moving to Resolution, having resigned from Gartmore in April, so Gartmore launched an eleventh-hour bid to keep its European fund managers.

Following this week’s negotiations with both firms, Callaghan will now continue to be lead manager of the Gartmore European focus fund – which he has managed since May 2005 – along with other institutional mandates, having been offered equity in the group as a partner.

In contrast, however, the firm failed to persuade Darley and Fearon to stay, and they have confirmed deals to manage European funds at Resolution AM.

According to a statement just issued by RAM, Fearon and Darley will manage RAM’s “core retail and institutional European equity portfolios”.

Paul Feeney, head of distribution at Gartmore says keeping Callaghan was a key priority for the firm.

Jonathan Polin, Sales & Marketing Director at Resolution says he is pleased two of the three will join the group but understands it was an offer Callaghan “couldn’t refuse” to stay at Gartmore.

“Resolution is a vibrant and innovative business and I am delighted that Adrian and Jon will be joining us. It’s disappointing that Tim Callaghan has chosen to remain with Gartmore - he was persuaded to stay by an offer he couldn’t refuse. We fully appreciate that it has been a difficult process and it is understandable why he has come to this decision. Negotiations have been completely open throughout and we wish Tim every success in the future.

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