Henderson Global Investors has sold its interest in Hermes GPE, the private equity fund of funds which was established as part of its joint venture with Gartmore and Hermes Fund Managers.

There is neither a gain nor loss for the group “on disposal of its interest for cash”, although its reported assets under management will reduce by £1.4 billion ($2.2 billion), the firm said in a statement.

The firm also said that during the Gartmore transaction, the group had anticipated that Hermes Fund Managers would “exercise its right to purchase the whole of Gartmore’s interest in Hermes GPE under a change of control clause”.

In November, Henderson announced in its interim report that its assets under management had fallen by £9 billion ($14.5 billion) to £65.4 billion ($102.5 billion) in the third quarter, which it attributed to unfavourable foreign exchange movements of £5.9 billion ($9.2 billion), and the sale of New Star Institutional Managers.