NU Online News Service, May 23, 4:35 p.m. – The Gartmore Group, an asset manager owned by Nationwide Mutual Insurance Company, Columbus, Ohio, is adding a new layer of management.
Gartmore has named D. Bruce Johnston president and chief executive of Gartmore Global Investments Inc., its U.S. asset management unit.
Johnston previously was president of Conseco Equity Sales Inc. and the chief marketing officer of Conseco Capital Management Inc., two units of Conseco Inc., Carmel, Ind.
Up till now, Paul Hondros has been the president of both the Gartmore Group and Gartmore Global. Hondros will continue to be the president of the Gartmore Group, but he will turn the Gartmore Global presidency over to Johnston.
Johnston will report to Hondros and focus mainly on sales and marketing. Young Chin, Gartmore Global’s chief investment officer, will continue to report to Hondros, rather than reporting to Johnston, Gartmore says.
The Gartmore Group also has an international chief executive, Glyn Jones, who is based in London, Gartmore says.
Nationwide announced Wednesday that it will be taking full, direct control of Gartmore Global as well as the Gartmore Group.
Nationwide has owned the Gartmore Group directly, but Nationwide Financial Services Inc., a Nationwide affiliate, has been the direct owner of Gartmore Global.
Nationwide, in turn, owns 81% of Nationwide Financial’s outstanding common shares.
Nationwide says it will exchange Nationwide Financial stock valued at $375 million for Nationwide Financial’s stake in Gartmore Global.