The Gartmore European absolute return fund witnessed a 87 per cent decline in assets under management last month.
Investors withdrew money after the resignation of Roger Guy, the fund’s manager, propelled his employer Gartmore into a strategic review.
AUM in the fund decreased from £181.5m to £23.8m in November, according to the latest factsheets.
According to Financial Express, performance on the fund was only very slightly negative for the period, meaning the bulk of the decline was caused by investors withdrawing.
The fund had previously been fully subscribed after it launched in January 2009. However, it experienced some outflows after Gartmore initiated an investigation into Guillaume Rambourg, Guy’s former co-manager on the fund, earlier this year.
The fund was down 0.8 per cent for the 12 months to the end of November, according to Gartmore, despite being up 9.2 per cent since launch.