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Gartmore hit as half-year outflows double to £1.65bn

Gartmore suffered net outflows of £1.65bn for the first half of the year, more than double its net outflows over the same period last year.

This period included the investigation into star manager Guillaume Rambourg, who left the company last month.

About £80m of the mutual outflows recorded during July were related to the group’s European absolute return mutual funds managed by the large-cap team, of which Rambourg was a key part.

The notice period for red-emptions will be extended to August 20.

As of Tuesday, Gartmore had also received further notices for redemptions totalling £223m on September 1, which will be the first available dealing day open to investors to redeem following the official announcement of Rambourg’s resignation.

Gartmore’s assets under management fell to £19.9bn at the end of June. However, they rose to £20.3bn at the end of July.

Gartmore’s alternative funds saw outflows of £110m, its mutual funds saw outflows of £94m and its segregated funds outflows of £34m.

Hargreaves Lansdown senior analyst Meera Patel says: “I am not surprised Rambourg has been a complete knock on their assets under management. Some of the funds have not perfor-med that well either.”

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