Nationwide® announces leadership changes at NWD Investment Group
FOR IMMEDIATE RELEASE
December 12, 2006
COLUMBUS, OH — Nationwide Mutual Insurance Company today announced that Paul Hondros, president and chief executive officer of Nationwide’s NWD Investment Group (formerly Gartmore Group), as well as non-executive chairman of Gartmore Investment Management since 2002, plans to leave NWD to pursue other opportunities, effective December 15, 2006. John Grady, who joined NWD in October as transition manager, will lead all NWD operations on an interim basis.
Nationwide has been examining how best to align NWD as a part of its operations since the sale of Gartmore’s UK-based operations was completed in October. As previously announced, Nationwide is pursuing the possible sale of the retail mutual fund business to Nationwide Financial.
“I have greatly valued Paul’s strategic insights on global investment management,” said Jerry Jurgensen, chief executive officer of Nationwide. “Under Paul’s leadership, Gartmore expanded its product and geographic reach, added to its range of fund and product offerings both organically and through acquisition and increased revenues to more than $750 million by the end of 2005. I wish Paul all the best in the next chapter of his distinguished career. We look forward to working with NWD’s talented leadership team going forward.”
John Grady came to Nationwide from Constellation Investment Management Company, a Berwyn, PA-based investment adviser and sponsor of the Constellation Funds Group complex, where he served as chairman and chief executive officer of both firms. Prior to Constellation, Grady served as chief operating officer for Turner Investment Partners, Inc. a registered investment adviser based in the Philadelphia area, and was a partner in the investment management practice group with Morgan, Lewis & Bockius LLP.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $158 billion in assets. Nationwide ranks #98 on the Fortune 100 list. The company provides a full range of insurance and financial services, including auto, motorcycles, boats, homeowners, life, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions and long-term savings plans. The Nationwide companies include the country’s seventh-largest property/casualty, the fourth-largest homeowners, the sixth-largest auto insurance group and the country’s largest farm owners insurer. Nationwide Life Insurance Company, the major subsidiary of Nationwide Financial, ranks 11th in assets according to A.M. Best. For more information, visit www.nationwide.com.
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