Further rationalisation of the business operations of Gartmore is being predicted as recent buyer Nationwide Mutual seeks to make a decent return out of its £1bn (€1.59bn) purchase.

The deal coincides with takeover fever within the global fund management industry, expected to rise in temperature still further via a big US deal this week. 'The market for asset managers is quite fierce,' said Amy Butte of securities house Bear Stearns in a circular entitled Crazy for Assets.