Suspended Gartmore Manager Fined By Italian Regulators

Apr 1 2010 | 10:35am ET

Guillaume Rambourg, the Gartmore hedge fund manager suspended for alleged directing trades, was fined by Italian regulators last month for market abuse.

Rambourg was among a group of fund managers implicated in a 2006 front-running scandal. He was fined €300,000 by the Italian regulator Consob.

The U.K. Financial Services Authority reportedly also investigated the alleged market abuse. It fined Roberto Casoni, the Citigroup analyst at the center of the scandal, but cleared the other three people investigated, all of whom worked for Gartmore or Schroders.

Fund managers at Schroders—as well as Oddo Asset Management and Dexia Asset Management—were among those fined by Consob.

Gartmore suspended Rambourg on Monday for allegations that he violated internal procedures. His suspension is not related to the Consob fine.

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