UK fund manager Hermes has bought Henderson Global Investors out of its stake in Hermes GPE, the private equity venture that the two asset managers controlled alongside the firm’s management. The deal marks the departure of another legacy asset from Henderson's takeover of fund manager Gartmore at the start of the year.

Hermes GPE, an independently-managed £4.8bn private markets specialist, was launched in April 2010 as a joint venture between Hermes and Gartmore. The latter's stake was inherited by Henderson as part of its takeover of Gartmore in January.