Maples Finance acquires Jersey fund

A financial arm of Cayman Islands firm Maples & Calder has bought a Jersey branch of world-renowned fund manager Gartmore, whose chairman recently took up posts at both Marks & Spencer and the Guardian Media Group.

Maples Finance Jersey has acquired Gartmore Fund Managers International, which administers assets valued at £1.7bn, for an undisclosed sum.

Maples’ move follows Gartmore’s announcement that it plans to outsource the bulk of its administration services. Paul Myners, former Gartmore chairman, has recently taken up posts as a non-executive chairman at Marks & Spencer and as chairman of the Guardian Media Group.