Rambourg faces no penalties from FSA

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The Independent Online

Guillaume Rambourg, the former Gartmore star fund manager, plans a return to the industry after the Financial Services Authority ended its investigation of his activities without imposing penalties.

Gartmore suspended Mr Rambourg a year ago after the company found he had broken its rule forbidding trades being channelled through favoured brokers. The FSA then opened an investigation in June into his general conduct.

Mr Rambourg said: "I'm pleased that the FSA investigation resulted in no formal action and that I can now put the events of the past year behind me. I look forward to embarking on the next chapter of my career in fund management and I will be considering a number of potential plans in that regard."

With Roger Guy, Mr Rambourg managed more than a third of Gartmore's assets and his suspension was the beginning of the end for the firm. Mr Guy and four other fund managers left last year as Gartmore's share price collapsed and it was sold to rival Henderson for £335m in January.

Gartmore said last year that no clients lost money from Mr Rambourg's actions and it had found no dishonesty or lack of integrity.

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