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Head of compliance leaves Gartmore

Gartmore head of compliance Gerry Harvey has left the firm, with David Young taking over on an interim basis.

A spokeswoman for Gartmore says that Harvey’s resignation was not in relation to star fund manager Guillaume Rambourg’s suspension or the ongoing investigation into the company by the US Securities and Exchange Commission.

Gartmore has been in the headlines in recent weeks after Rambourg was suspended in relation to internal breaches in directional trades.

According to reports, Roger Guy, co-manager with Rambourg on the European absolute return fund, attacked the company’s “excessive” internal compliance rules in a private conference call held earlier this month for its hedge fund investors.

Gartmore is also under investigation by the SEC for what the firm says is a single inadvertent breach made in May 2009 and is unrelated to the Rambourg suspension.

The breach relates to a rule within the Securities Exchange Act which “prohibits participation in a secondary offering of equity securities registered with the SEC in cases where there have been short sales in the stock in the rules’ restricted period”.

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