Gartmore Group Ltd. (GRT. LN) has reported that two hundred out of its three hundred and eight employees will be loosing their jobs, as stated by a person familiar with the matter. This will happen as the U. K. fund manager gets itself ready to be acquired to larger rival Henderson Group PLC (HGI. LN).

Henderson is paying about three hundred and eighty three million pounds to buy Gartmore in an all-stock deal, at present worth around one hundred and five pence per Gartmore share.

It said in the month of January it had received commitments from twelve top Gartmore portfolio managers controlling about eighty four percent of Gartmore's 15.7 billion pounds worth in assets to move over to Henderson, in a bid to stem outflows.

The chief executive officer of Henderson Andrew Formica said on Wednesday that he hopes to soon be able to update the market on the full list of Gartmore portfolio managers who will join Henderson, as well as provide a list of the Gartmore funds it plans to continue marketing. The Gartmore name will eventually not be there, however.

The group, which has agreed to sell itself to Henderson Global Investors, has reported of its preliminary results for the year that ended December 31, 2010 showing a decline in revenues from £223.7m in 2009 to £208.7m in 2010.

The group experienced an overall fall in assets under management from £22.2bn £17.2bn.

However the firm’s EBITDA earnings basis went up marginally from £54.8m to fifty five million pounds.

A statement from chief executive Jeff Mayer stated that they were pleased with the progress through the end of the first quarter 2010, but events after this had made them consider other strategic opportunities in order to conserve value for shareholders and maintain client support.