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FSA drops probe into former Gartmore star Rambourg

The Financial Services Authority has dropped its probe into former Gartmore fund manager Guillaume Rambourg.

Rambourg was previously co-manager of the group’s European absolute return fund alongside Roger Guy, but was suspended from management duties in March 30, 2010 following an alleged breach of internal dealing rules.

Rambourg returned to Gartmore in June 2010 as a senior investment analyst in the European large-cap team. The FSA launched an investigation into Rambourg that same month prompting him to resign from the firm to clear his name in July 2010.

In an e-mailed statement on Tuesday, Rambourg said: “I’m pleased that the FSA investigation resulted in no formal action and that I can now put the events of the past year behind me. I look forward to embarking on the next chapter of my career in fund management and I will be considering a number of potential plans in that regard”.

The FSA has confirmed that it has dropped the case but has declined to comment further.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The result is clearly good news for Gartmore and Rambourg. But it has taken a year of a fund manager’s life and badly damaged a leading fund management company – and what have the FSA got to say for themselves? Precisely nothing! The consequences of what was at worst trivial have been devasting for all concerned – except of course for the FSA.

    If a near groundless FSA acusation can do all this to a huge player like Gartmore – what hope for the rest of us?

  2. Simon, you arxe absolutely right.

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