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Gartmore suspends fund manager Guillaume Rambourg

Gartmore has suspended fund manager Guillaume Rambourg pending the outcome of an internal probe regarding breaches in directing trades.

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.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. This is rather intriguing. Guillame was one of their best fund managers. Wonder if there’s more to this than meets the eye? I can’t imagine him being up to anything scurrilous.

  2. With all the insider trading that is going on, it could just be that a broad internal investigation has uncovered something that is not strictly in accordance with a mandate in place and, while quite possibly having neither a beneficial or detrimental effect on any party, suspension is now the mandatory first step in all these cases.

  3. Incompetent Regulators Award Team 30th March 2010 at 7:50 pm

    I hope the F-Pack monkeys got this one right, otherwise a lot of people have lost money and jobs. Anyway we can be assured if they have made a mistake that they will be punished properly! This gives me real faith in this system…………………

  4. this doesnt suprise me, i worked near him at CIC and i wasn’t convinced at the time he was a straight arrow, to find out its insider trading, again doesn’t suprise me

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