The move was made in consultation with the FSA. Gartmore says it has not found any information to date which suggests Gartmore’s clients have suffered a loss as a result of these breaches.
The news comes after reports of a link between Gartmore fund manager Roger Guy and Exane BNP Paribas head of equities Clive Roberts, who is being investigated as part of the insider dealing probe by the FSA. Seven men were arrested last week as part of the investigation, with Deutsche Bank, US hedge fund Moore Capital and London broker Novum Securities all understood to have been drawn into the investigation.
Gartmore says that the suspension does not relate to that investigation.
Gartmore shares have plummeted by over 33.2 per cent from its opening price on Monday of 173.60p to 116p at close of trading on Tuesday.
Guy and Rambourg manage a number of high profile mandates, including the AlphaGen Capella hedge fund and the European absolute return fund. Between them the pair managed over 20 per cent Gartmore’s £21bn of investments. Guy will take on full responsibility for the funds.
Guillaume Rambourg joined Gartmore in 1995. He also managed the flagship European select opportunities fund with Guy from 1997 to January 2010, when the management of the fund was passed to John Bennett.