Roger Guy slams “excessive” Gartmore rules for Rambourg suspension
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Gartmore star fund manager Roger Guy has slammed the firm for its “excessive” internal compliance rules, which he says led to the suspension of co-manager Guillaume Rambourg.
According to reports, Guy spoke out in a private conference call held yesterday for investor in its £5.5bn hedge fund business. Guy hit out at what he says were overzealous internal compliance rules that had been enforced at a bad time.
Rambourg was suspended on Tuesday regarding breaches in directional trades. News of the suspension saw Gartmore’s share price plummet by 30 per cent with fears that the firm was connected with the FSA’s probe on insider trading, a claim Gartmore has dismissed.
Yesterday Gartmore chief executive officer Jeffrey Meyer confirmed reports that Rambourg was suspended due to concerns he may have directed orders to buy and sell shares to favoured brokers, violating internal rules.
Guy has offered Rambourg his full support, hoping that he will return to work within a month. He says he fought the rules when they were introduced, pointing to them being too excessive.
He says: “I’ve never been involved in day-to-day management of the firm, but maybe I should have been after this.
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Readers' comments (1)
Incompetent Regulators Award Team | 1 Apr 2010 10:10 am
I feel sorry for Gartmore as here is another example where the FSA has help demolish the reputation of a business which didn't warrant this kind of media attention and abuse. All regulated firms should now consider no longer paying the FSA, FOS and FSCS any more fees as FSMA 2000 is totally broken and flawed like Crash Gordon.
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