The market didn’t seem to know what to make of Gartmore’s first-half results yesterday - initially the shares dropped by 3%, but by the end of the day they were up 3%. It may have been because while the headline numbers on flows looked bad, some people were willing to look past them.

They included influential equity analysts in the asset management field, such as Bruce Hamilton at Morgan Stanley and Philip Middleton at Bank of America Merrill Lynch. Gartmore is something of a thinly-covered stock at the moment since the firm only listed in January, but a few high-profile analysts do follow it.