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Rambourg back with Gartmore as an analyst

Guillaume Rambourg, the suspended manager of the Gartmore European absolute return fund, has returned to the group as an investment analyst.

The group has applied to the FSA to have his approved status restored so it can reappoint him as a fund manager on the European large-cap team.

Jeff Meyer, Gartmore’s chief executive officer, says it is likely to be months until Rambourg can be reinstated.

Rambourg was suspended in connection with a possible breach of internal policy. In a statement issued last week, the group said the investigation found “no suggestion of dishonesty or a lack of integrity” in Rambourg’s actions. It did, however, find that he breached an internal policy governing the directing of trades to brokers.

“Gartmore’s investigation found no evidence that clients suffered losses from any breach of internal policy or that there was any breach by Gartmore of its obligations to ensure best execution,” the statement said.

Gartmore named Darrell O’Dea, the former lead manager of two Threadneedle Asset Management funds, as the new co-manager of the European absolute return fund, alongside Roger Guy.

Bestinvest senior investment adviser Adrian Lowcock says: “It is business as usual as far as we are concerned now Rambourg has returned, albeit in a slightly different role.”

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