State Street Global Advisors (SSgA) has bought the £18.1bn (€21.3bn) passive business of Gartmore Investment Management, which has decided to focus purely on active fund management.

Gartmore has decided to focus on active fund management for institutional and retail clients a strategy that represents about 95% of its current business. Lexicon Partners, a London-based independent corporate finance advisory firm that focuses on the financial services sector, advised Gartmore on the disposal.