Tuesday, 30 August 2016
Last updated 18 min ago
Mar 30 2010 | 9:11pm ET
Gartmore has suspended one of its top hedge fund managers pending an internal investigation.
Guillaume Rambourg is suspected of “breaches of internal procedures regarding directing trades,” or favoring some brokers over others, the firm said. Rambourg is part of Gartmore’s European investment team and a close collaborator of Roger Guy, Gartmore’s star manager. Guy and Rambourg’s team manage almost 37% of the firm’s assets.
“Gartmore has not identified any information to date which suggests that Gartmore’s clients have suffered any loss as a result of these breaches,” the firm said in a statement.
Rambourg has been with Gartmore for 14 years. He and Guy manage Gartmore’s two largest hedge funds, including its US$2.3 billion Alphagen Capella Fund. Guy will go it alone until the end of the investigation.
No other Gartmore employees—including Guy—are under investigation. The firm offered no timetable for the probe, but it is not related to the insider-trading investigation that has snared a Moore Capital Management trader.
News of Rambourg’s suspensions quickly sent Gartmore’s shares tumbling. According to Reuters, the firm has also begun receiving calls from concerned clients, and has begun reaching out to investors.