The FSA is to launch an investigation into the conduct of Guillaume Rambourg, the suspended manager of the Gartmore European Absolute Return fund.
Gartmore says it is co-operating fully with the FSA, which is currently only investigating Rambourg, to complete the investigation as quickly as possible.
In April, Gartmore said it had presented the findings from its internal investigation into a possible breach by Rambourg of internal policy regarding directed trades to the FSA.
Gartmore then said the investigation found “no suggestion of dishonesty or a lack of integrity” in Rambourg’s actions. It did, however, find that Rambourg breached an internal policy governing the directing of trades to brokers.
Meanwhile, Rambourg returned to the group as an investment analyst in April. Gartmore has also applied to the FSA to have his approved status restored so that it can reappoint him as a fund manager on the European large-cap team.
In today’s statement, Gartmore confirmed its intention reappoint Rambourg as a fund manager. However, this is subject to a satisfactory outcome of the FSA investigation.
The funds and portfolios run by the European large cap team will continue to be managed by Roger Guy and Darrell O’Dea supported by a team of investment analysts, including Rambourg.
Gartmore says it has not been given an indication on the timescale of the investigation.