Gartmore has named Darrell O’Dea, the former the lead manager of two Threadneedle Asset Management funds, as the new co-manager of the European Absolute Return fund, with Roger Guy.
Rambourg (pictured), who was suspended in relation to a possible breach of an internal policy, will return to work immediately. The group says he will initially work as an investment analyst.
Gartmore chief executive Jeff Meyer says: “We felt it was important to conduct a very thorough and comprehensive investigation. I am glad Guillaume is back and contributing to the funds and pleased to welcome Darrell O’Dea to the firm. I would like to thank our clients for their support and patience in recent weeks”.
In a separate statement, the group says it has completed a thorough investigation “which found no suggestion of dishonesty or a lack of integrity” in Rambourg’s actions.
However, it did find that Rambourg breached an internal policy regarding 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,” Gartmore says.
The breaches were not widespread, representing 5 per cent over the last 12 months and 1 per cent over the last six months of all trades raised by Rambourg. The group’s board expects they will be in a position to apply to the FSA to have Rambourg’s approved status restored in order to reappoint him as a fund manager on the European large-cap team in due course. This process will be subject to the usual regulatory approval process.