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Mr Wagstaff said he was looking to introduce three or four more Ucits-compliant hedge funds over the course of the next year, through a combination of new product launches and also by bringing some of its 14 existing vehicles into the Ucits framework.

The initial public offering (IPO) will end months of speculation surrounding the firm’s future plans since its management buyout (MBO) in 2006.

The proceeds of the flotation will be used to reduce the firm’s net debt by approximately £150m.

Mr Wagstaff said the float would help raise Gartmore’s profile and status, allowing it to attract and retain top fund managers. He said the UK retail business was now settled, following the recent high-profile hires of John Anderson as head of fixed income, and Dan Roberts and Leigh Himsworth completing the equities team.

Mr Wagstaff said: “This is the next stage since the MBO in 2006.

In terms of internal audit, risk committee and operations, we have run the business as if it were a publicly quoted company anyway, so it was not as if we had to make any major changes.”

He added the IPO was a longer-term plan, refuting suggestions the group was preparing itself for sale.