NationsBank Corp.'s joint venture with British money manager Gartmore PLC has a new name: Gartmore Global Partners.
The name change, which took effect this week, results from Gartmore's acquisition last month by National Westminster Bank PLC. Charlotte, N.C.- based NationsBank and London-based Gartmore each still own half of the joint venture, formerly known as Nations Gartmore.
"All parties concerned - Natwest, Gartmore, and NationsBank - recognize the value of franchising globally with a single name," said Kevin D. Welsh, a managing director of Gartmore Global in Charlotte.
The acquisition is expected to augment the international investment capabilities Gartmore Global offers to its U.S. institutional clients. Gartmore Global has $1.2 billion under management, a tiny slice of the $70 billion managed by Gartmore PLC.
Also, Natwest said last week that it will close its asset management marketing office in Boston. Gartmore Global is set to become the U.S. arm of that Natwest operation.