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Gartmore confirms Rambourg may have violated trading rules

Gartmore chief executive officer Jeffrey Meyerhas confirmed reports that Guillaume Rambourg was suspended as he may have directedordersto buy and sell shares to favoured brokers, violating internal rules.

“One of the principles is we at all times will get best execution for our clients,” Meyer said in a telephone conversation, according to Bloomberg.

“We felt it necessary for us to launch an investigation into these matters to find out how extensive this has been,” said Meyer.

Despite seeing its share price initially drop 31 per cent  yesterday after the fund manager’s suspension, Meyer said Gartmore has not suffered any “material outflows yet”. 

He added that the group is talking to its shareholders about the probe.


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