Tuesday, 30 September 2014
Last updated 26 min ago
Apr 5 2010 | 1:02pm ET
Gartmore Group may face redemptions following the suspension of one of its top hedge fund managers, but the firm’s CEO says clients are sticking with the firm so far—despite the unhappiness of Gartmore’s star manager.
The London-based firm last week suspended Guillaume Rambourg on suspicion that he broke Gartmore’s internal rules by directing trades. The news promptly sent the firm’s shares into a tailspin and many of its clients to the phones, CEO Jeff Meyer said. But while many have expressed their concern, few are yanking their money as of now.
“Clients greatly appreciated hearing about it from us, but the reaction has been guarded,” Meyer told Reuters. “We’re having lots of discussions [last week] with large shareholders and clients.”
One of those conversations, however, took a turn that cannot have made Meyer happy. Roger Guy, co-manager of Gartmore’s hedge funds with Rambourg, blasted the firm’s “excessive” rules and took a shot at Meyer’s leadership.
“I’ve never been involved in the day-to-day management of the firm, but maybe I should have been after this,” Guy said on a conference call with investors, the Financial Times reports.
“I didn’t agree with the rule when it was introduced” in December, following Gartmore’s initial public offering, Guy added. “I thought it was excessive.”
Gartmore’s star hedge fund manager also offered a full-throated endorsement of his suspended co-manager, adding that he hoped Rambourg would be back within a month.
“Guillaume has my full support,” Guy said. “He’s a fantastic person and a fantastic fund manager.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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