The FSA has dropped its probe into former Gartmore fund manager Guillaume Rambourg.
Rambourg was previously co-manager of the Gartmore European absolute return fund alongside Roger Guy, but was susp- ended from management duties on March 30, 2010.
He 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 month and he resigned from the company to clear his name in July 2010.
In an emailed statement on Tuesday, Rambourg said: “I am pleased 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 confirms it has dropped the case but declines to comment further.
Whitechurch Securities managing director Gavin Haynes says: “He is a good manager and I think he will get plenty of opportunities to get back into the industry.
It will be interesting to see whether he returns to manage a long-only fund or work in the hedge fund area.”