Hellman & Friedman, the US private equity firm that backed a buyout of UK fund manager Gartmore last year, has set its sights on acquisition opportunities in the German asset management market.

Patrick Healy, managing director of Hellman & Friedman, told German newspaper Handelsblatt: "Lots of fund subsidiaries of the banks can't develop as much as they'd like today. We see that as a big opportunity."