Gartmore Group has priced its offer at 220p, the bottom of a range set by the company on Thursday, giving it an initial market value of £676m (€752m). Originally, just prior to the crisis in Dubai, it had been hoping to raise as much as 330p.

The issue price was the equivalent of 10 times operating earnings, representing a slight discount to hedge fund groups such as Och Ziff and GLG.