Gartmore Investment Management of Columbus, Ohio, a mutual fund operation mostly owned by Nationwide Mutual Insurance Co., announced Tuesday that it is considering an initial public offering.
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Planning for the offering, reportedly meant to raise about $1.8 billion, is in the initial stages, said a Gartmore spokeswoman, Vee Montebello. "Nothing is set in stone, and no banks have been appointed" to lead an offering, she said.
Gartmore has about $78 billion of assets under management or administration. Nationwide bought 80% of the company in 2000 from Royal Bank of Scotland Group PLC; Gartmore's employees own the rest.
