The Financial Services Authority is to launch its own investigation into a highly-regarded fund manager at Gartmore, after an internal inquiry by the company revealed that he breached its rules banning the direction of trades to specific brokers.
Guillaume Rambourg, who was considered one of the star performers at the company, was suspended in March while Gartmore investigated his activities. He worked alongside Roger Guy managing European long/ short equities but was suspended when it emerged that he was directing certain trades to favoured brokers, breaking internal best execution rules. Mr Rambourg subsequently returned to work at the end of April, but in a more junior position as an analyst.
Gartmore's shares fell by almost 3 per cent yesterday after it said it would be subject to an inquiry by the City regulator "into the conduct of Guillaume Rambourg to determine whether he has met the standards of an FSA-approved person".
Gartmore pointed out that the inquiry would focus on Mr Rambourg and not the company, adding that it would apply for a licence to reappoint Mr Rambourg as a fund manager "subject to a satisfactory outcome of the FSA investigation".Reuse content