In Henderson Global Investors's annual report today, the group's chief executive, Andrew Formica, repeated the committment he said he had received from investment staff responsible for 84% of Gartmore's assets under management, that they would stay with the combined firm. It was a claim meant to assure investors before the completion of the deal to buy the troubled fund manager later this year. But if history repeats, Formica may be a touch optimistic.

The annual report was timed to coincide with Gartmore's annual report this morning in what could be the final snapshot of the fund manager before it ceases being an independent entity.