Loyal investor halves stake in Gartmore fund, say reports
Share
Thames River Capital manager Ken Kinsey-Quick has halved his position in Gartmore’s European absolute return fund following the suspension of Guillame Rambourg, according to reports.
The Daily Telegraph reports that Kinsey-Quick, a long-term supporter of the fund’s manager Roger Guy, has withdrawn almost £1m from the flagship fund.
Kinsey-Quick invested 3 per cent of Thames River’s £60m absolute return fund in the Gartmore fund.
But Gartmore says there have been “no material redemptions across the firm”.
Shares in the fund house fell more than 30 per cent after the announcement of Rambourg’s suspension and following news of a US Securities and Exchange Commission investigation, although they have since rallied.
Gartmore says the SEC investigation is for a single inadvertent breach of its rules made in May 2009, whereas Rambourg’s suspension is unconnected and relates only to a breach of internal procedure.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
