Staff at Gartmore are said to be in a state of trepidation over potential job cuts.
The Times reports that as many as 300 of the 530 staff at the UK fund manager could face the chop if the company is acquired by rival Henderson Group.
Gartmore has been put up for sale by Nationwide Mutual, its American owner. The paper says Henderson is seen as one of the most likely buyers and that a preferred bidder will probably emerge by the end of this month.
In the meantime, morale at Gartmore is said to be low, with the potential cuts expected to affect underperforming fund managers and people in back office functions such as IT, personnel and finance.