Gartmore saw outflows in its equity and absolute return ranges last month, coinciding with massive withdrawals from its European absolute return fund.
The assets under management of its flagship European select opportunities fund declined from £1.69 billion to £1.5 billion, although the fund lost only 3.6 per cent over the period, according to figures from Gartmore and Morningstar.
Investors withdrew despite the fact that Roger Guy, the prominent European manager whose resignation propelled Gartmore into a strategic review, was no longer running the product.
Assets under management in Guy’s European absolute return fund fell 87 per cent following his resignation.
Elsewhere in Gartmore’s long/short equity range, the Japan Absolute Return fund shrank from £26.9m to £8.4m, despite returning 0.11 per cent over the period, according to Financial Express.
AUM in the UK absolute return fund also declined from £260m to £235.6m, despite the fund only losing 0.97 per cent.
The British equity range also saw assets leave. The size of the UK Equity Income fund declined from £171m to £161.7m, despite 2.5 per cent losses. The UK Growth fund saw outflows which helped reduce its size from £183.5m to £174m, despite a negative 1.19 per cent return for the month.
In the equity range as a whole, the US opportunities fund also saw outflows. AUM shifted from £202m to £194.6m despite 5.65 per cent positive returns.